Stable Road Acquisition Corp.
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The U.S. Securities and Exchange Commission (SEC) made known on July 13, 2021 that it has sued Stable Road, a special-purpose acquisition company. It is alleged in particular that Momentus, a Company Stable Road was attempting to acquire, lied about its technology, including a false claim that its propulsion system had been “successfully tested” in space. Momentus’ misleading statements were repeated by Stable Road in public filings, while according to the SEC, failed to conduct adequate due diligence of Momentus. In October, Momentus agreed to go public by way of a merger with Stable Road for an enterprise value of about $1.2 billion, a price that was later revised lower to $700 million. Stable Road fell more than 10% in after-market trading on July 13, 2021, following this news.