Momentus Receives Draft National Security Agreement (SRAC)
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Momentus Inc. (“Momentus” or the “Company”), a U.S. commercial space company that intends to offer transportation and other in-space infrastructure services, today announced that it received a draft National Security Agreement (NSA) from the Committee on Foreign Investment in the United States (CFIUS). The draft NSA specifies CFIUS’s proposed requirements to resolve its national security concerns about the foreign ownership and control of Momentus. Receiving the draft NSA is an important milestone toward overcoming a key issue that has delayed completion of Momentus’ proposed merger with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”).
Momentus aims to be a trusted partner to the U.S. government and has taken swift action in response to government concerns. The Company obtained the resignation of its co-founder and former CEO and implemented trust and voting arrangements to ensure that the shares of its co-founders can only be voted by U.S. citizens. The Company voluntarily filed for CFIUS review to enable CFIUS and its member agencies to scrutinize any and all records of Momentus, and proactively proposed a U.S. national security mitigation plan intended to resolve the national security concerns that CFIUS and its member agencies have raised.
"The receipt of the draft NSA follows three months of extensive work by the Momentus and SRAC teams," said Momentus President Dr. Fred Kennedy. "The agreement will build on the mitigation plan that we shared with the Department of Defense and other CFIUS member agencies back in February. Although there is no assurance that the parties will reach agreement on the final terms of the NSA, if and once finalized, the NSA will document Momentus’ commitments to implement controls to ensure that the national security concerns described by the U.S. government as part of the CFIUS process are resolved.”
Further interagency reviews will still be required in order to obtain required governmental approvals for Momentus’ planned missions. “We will work to finalize the NSA as quickly as possible,” said Kennedy. “Once finalized and executed, we hope the NSA will allow the Federal Aviation Administration to reconsider Momentus’ payload application so that we may proceed with preparing for our inaugural flight, which we hope to undertake later this year. We’re eager to begin delivering on the promise of our orbit-transfer and other in-space infrastructure services, and we are committed to working with the governing agencies who are partners in this effort.”
Momentus is a U.S. commercial space company. As a first-mover in building in-space infrastructure technology, Momentus is at the forefront of the commercialization of space. With an experienced team of aerospace, propulsion, and robotics engineers, Momentus has developed a cost-effective and energy-efficient in-space transport system based on water plasma propulsion technology. Momentus has in-place service agreements with private satellite companies, and research organizations. For more information, visit: http://www.momentus.space/
About Stable Road
Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACW, SRACU) is a special purpose acquisition company formed by SRC-NI Holdings, LLC, an affiliate of Stable Road Capital, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.
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