Momentus Receives Nasdaq Notice of a Delisting Determination
September 26 2024 - 5:00PM
Business Wire
Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a
U.S. commercial space company that offers satellite buses,
transportation, and other in‑space infrastructure services, today
announced that it received notice (the “Notice”) from the Listing
Qualifications Department of The Nasdaq Capital Market LLC
(“Nasdaq”) indicating the Company’s continued non-compliance with
the minimum bid price requirement, pursuant to Listing Rule
5550(a)(2).
As previously reported, on March 27, 2024, the Company received
a letter (the “Bid Price Deficiency Notice”) from Nasdaq notifying
the Company that, because the closing bid price for its common
stock has been below $1.00 per share for 30 consecutive business
days, it no longer complies with the minimum bid price requirement
for continued listing on The Nasdaq Capital Market. Nasdaq Listing
Rule 5550(a)(2) requires listed securities to maintain a minimum
bid price of $1.00 per share (the “Minimum Bid Price Requirement”),
and Listing Rule 5810(c)(3)(A) provides that a failure to meet the
Minimum Bid Price Requirement exists if the deficiency continues
for a period of 30 consecutive business days.
Additionally, the Notice states that since the Company has not
yet filed its Form 10-Qs for the periods ended March 31, 2024 and
June 30, 2024, it no longer complies with Listing Rule 5250(c)(1),
and that these matters individually serve as separate and
additional basis for delisting the Company’s securities from The
Nasdaq Capital Market.
The Company intends to request a hearing before a Nasdaq
Hearings Panel, which will automatically stay the suspension of
trading in the Company’s securities for a period of 15 days from
the date of the request. The Company also intends to seek an
extended stay pending the hearing, although no assurance can be
provided that such an extension would be granted.
The Company is working to evidence compliance with all
applicable requirements for continued listing on the Nasdaq Capital
Market and intends to submit a plan to that effect to the Panel as
part of the hearing process; however, there can be no assurance the
Panel will grant any request for continued listing or that the
Company will be able to regain compliance with the applicable
listing criteria within the period of time that may be granted by
the Panel.
The Notices have no immediate effect on the listing or trading
of the Company’s common stock and the common stock will continue to
trade on the Nasdaq Capital Market under the symbol “MNTS.”
About Momentus Inc.
Momentus is a U.S. commercial space company that offers
commercial satellite buses and in-space infrastructure services
including in-space transportation, hosted payloads, and other
in-orbit services.
Forward-Looking
Statements
This press release contains certain statements which may
constitute “forward-looking statements” for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements regarding the expected filing of the
Company’s Form 10-K and Form 10-Q and its management team’s
expectations, hopes, beliefs, intentions or strategies regarding
the future, projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, and are not guarantees of future performance. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of Momentus’
control. Many factors could cause actual future events to differ
materially from the forward-looking statements in this press
release, including but not limited to risks and uncertainties
included under the heading “Risk Factors” in the Annual Report on
Form 10-K filed by the Company on June 6, 2024, as amended by that
certain Annual Report on Form 10-K/A filed by the Company on
September 16, 2024, as such factors may be updated from time to
time in our other filings with the Commission, accessible on the
Commission’s website at www.sec.gov and the Investor Relations
section of our website at investors.momentus.space. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and, except as required by law, the Company assumes no obligation
and does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926631146/en/
Investors: investors@momentus.space
Media: press@momentus.space
Momentus (NASDAQ:MNTS)
Historical Stock Chart
From Nov 2024 to Dec 2024
Momentus (NASDAQ:MNTS)
Historical Stock Chart
From Dec 2023 to Dec 2024