By Bruce Ericson, David Oliwenstein and Lee Brand (July 22, 2021, 4:52 PM EDT) -- On July 13, the U.S. Securities and Exchange Commission charged special purpose acquisition company Stable Road Acquisition Co., its sponsor SRC-NI Holdings LLC, its merger target Momentus Inc., and the CEOs of both Stable Road and Momentus in connection with the planned de-SPAC merger between Stable Road and Momentus. A de-SPAC merger occurs when a SPAC, that has gone public merges with a target.
In a stipulated order, the SEC obtained substantial relief against all respondents — except for the CEO of Momentus, who is contesting the SEC's charges in litigation — including civil monetary penalties of over $8 million, significant undertakings...
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