The company confirmed it has reached agreements with both new and existing long-term institutional investors to sell 1.85 million shares. According to the firm’s statement, the net proceeds from this direct offering are earmarked for general corporate purposes and working capital requirements. The transaction is expected to finalize on or about Monday.
Momentus Shares Slide After $25 Million Capital Raise
Momentus shares tumbled 18% in premarket trading Friday, hitting $13.34 as investors reacted to the commercial space company’s announcement of a $25 million equity offering. The move effectively cools a sustained three-month rally for the orbital infrastructure firm, which is now looking to bolster its cash reserves through institutional backing.
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