Space transportation company 'Momentus' responds to Nasdaq delisting crisis

 

 

 

Momentus, a U.S.-based startup providing in-orbit transportation services, is facing the risk of being delisted from Nasdaq.

In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on September 26, the company revealed that it had been notified by Nasdaq that trading of its stock would be suspended as of October 3. If the company did not appeal this decision by October 1, delisting procedures would commence.

It appears that Momentus has filed an appeal, as trading continued on October 4.

In April, Momentus received a warning from Nasdaq stating that its stock price must be raised to at least $1 within 180 days. Although the stock price briefly exceeded $1 at the end of August, it was not sustained.

In the filing to the SEC, Momentus stated its intent to challenge Nasdaq’s decision and request a hearing.

The company is also considering measures to meet listing requirements, such as stock buybacks and a reverse stock split, though specific plans have yet to be disclosed.

Momentus previously received a delisting warning in March 2023 and has since managed its financial situation through significant layoffs and a reverse stock split to secure funding.

Momentus was listed on Nasdaq in August 2021 through a SPAC merger, with high hopes for growth in the in-orbit transportation services sector. However, due to recent stock underperformance and financial difficulties, the company is struggling to maintain its listing.

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Space transportation company 'Momentus' responds to Nasdaq delisting crisis