Summary by Moomoo AI
Momentus Inc. amended two convertible note agreements with Space Infrastructures Ventures, LLC on November 30, 2024. The amendments accelerated the borrowing of $1 million to December 2, 2024, and allowed SIV to convert all outstanding amounts into common stock at any time. The conversion price for the July 2024 note was set at $0.5715, while the October 2024 note remained at $0.5292.In connection with the second tranche borrowing, Momentus issued warrants to SIV for approximately 1.9 million shares at $0.5292 per share. The company agreed to register the resale of shares issuable upon conversion of notes and warrants. Conversion and exercise are subject to a 9.99% ownership limitation and Nasdaq rules compliance.On December 4, 2024, Momentus' Board approved a 1-for-14 reverse stock split to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The split will reduce outstanding shares from 30,559,398 to approximately 2,182,814. Stockholders approved the split on December 2, 2024, along with an adjournment proposal. The effective date is yet to be announced.
