Momentus Announces Direct Offering Of $4 Mln Of Shares At $0.865/share

(RTTNews) - Momentus Inc. (MNTS), a commercial space company, announced on Tuesday that it has entered into a deal with a U.S. institutional investor to sell its 4,624,280 shares at $0.865 per share in a registered direct offering for gross proceeds of around $4 million.

The company has also agreed to issue to the investors warrants to purchase up to 4,624,280 shares.

The warrants with an exercise price of $0.74 are exercisable immediately and will expire in five years from the date of issuance. Momentus noted that certain existing warrants to purchase up to a total of 3,687,000 shares at $0.96 per share will be amended such that the warrants will have a reduced exercise price of $0.74 per share.

The offering is expected to be closed on or about March 7.

MNTS was trading up by 12.86 percent at $0.88 in the pre-market trade on the Nasdaq.