Summary by Moomoo AI
Momentus announced a 1-for-14 reverse stock split effective December 12, 2024, at 5:00 p.m. ET, with split-adjusted trading beginning December 13, 2024. The move aims to meet Nasdaq's $1.00 minimum bid price requirement and maintain listing status. The company's stock will continue trading under the symbol "MNTS" with a new CUSIP number 60879E309.The reverse split will reduce outstanding shares from approximately 31 million to 2 million, with fractional shares rounded up to the nearest whole share. The split was approved by stockholders on December 2, 2024, and will proportionally adjust all outstanding warrants, equity-based awards, and shares under benefit plans. The total number of authorized shares remains unchanged.This action follows Nasdaq's March 27, 2024 notification of non-compliance with the minimum bid requirement and the company's subsequent appeal of a delisting determination after failing to regain compliance by September 23, 2024. The success of the appeal remains uncertain.