Momentus Inc. (NASDAQ:MNTS), a company specializing in guided missiles and space vehicles, announced today that its 2024 Special Meeting of Stockholders, originally convened on Wednesday, has been adjourned due to the lack of a quorum. The meeting is rescheduled for December 2, 2024, at 9:00 a.m. Pacific Time and will be held virtually at www.virtualshareholdermeeting.com/MNTS2024SM.
The adjournment provides additional time for stockholders of record as of October 14, 2024, to review and vote on the proposals outlined in the definitive proxy statement filed on October 29, 2024. Momentus has engaged Laurel Hill Advisory Group to assist with the solicitation of stockholder votes in the interim.
Stockholders who have already submitted their proxies will not need to vote again for the Reconvened Special Meeting unless they decide to change or revoke their original vote. The company has emphasized that all previously submitted valid proxies will remain effective for the upcoming meeting.
This announcement came as part of a current report filed with the U.S. Securities and Exchange Commission. Momentus, incorporated in Delaware with headquarters in San Jose, California, is known for its Class A common stock and warrants listed on The Nasdaq Stock Market under the symbols MNTS and MNTSW, respectively.
The company, which identifies as an emerging growth company, has postponed the Special Meeting to ensure that stockholder voices are heard and that the necessary decisions are made with comprehensive stockholder participation.
Paul Ney, Momentus' Chief Legal Officer and Corporate Secretary, signed off on the SEC filing, confirming the need for the adjournment and the details of the Reconvened Special Meeting. The information regarding this corporate event is based on the statements provided in the press release.
In other recent news, Momentus Inc. has been selected by the U.S. Defense Department's Space Development Agency (SDA) to participate in the Hybrid Acquisition for Proliferated Low Earth Orbit (HALO) program. This program aims to deploy a large constellation of satellites into low-Earth orbit to enhance defense capabilities. Momentus will compete for demonstration prototype orders, with its Vigoride satellite bus expected to play a key role in these missions.
In financial news, Momentus secured a $3 million convertible note with Space Infrastructures Ventures, LLC (SIV) to fund working capital and general business needs. The company also secured a contract from NASA for future satellite launch services under the VADR program. However, the company is facing potential Nasdaq delisting due to non-compliance with listing rules, but plans to present a compliance plan to a Nasdaq Hearing Panel.
InvestingPro Insights
As Momentus Inc. (NASDAQ:MNTS) navigates through this period of stockholder engagement, InvestingPro data provides additional context to the company's financial situation. Despite a significant return of 17.21% over the last three months, MNTS has experienced a substantial decline of 81.2% over the past year, reflecting the volatility often associated with emerging growth companies in the space sector.
InvestingPro Tips highlight that Momentus is "quickly burning through cash" and that "short term obligations exceed liquid assets," which may explain the urgency in holding the Special Meeting of Stockholders. These financial pressures are further underscored by the company's operating income margin of -1433.27% for the last twelve months as of Q2 2024, indicating significant challenges in achieving profitability.
On a positive note, Momentus boasts impressive gross profit margins of 84.86%, suggesting potential for future profitability if the company can scale its operations effectively. Analysts anticipate sales growth in the current year, which could be a critical factor for investors to consider as they prepare to vote on the proposals at the Reconvened Special Meeting.
For those seeking a deeper understanding of Momentus's financial health and prospects, InvestingPro offers 11 additional tips that could provide valuable insights for decision-making in this crucial period for the company.
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