An artist’s rendering of a Momentus Vigoride transfer vehicle deploying a satellite in orbit.
Momentus Shares of Stable Road Acquisition Corp. fell in trading on Monday after the firm disclosed in a securities filing that its merger target, in-space transportation company Momentus, no longer plans to conduct any missions for customers this year.
“Momentus informed Stable Road that it does not expect to fly any missions in 2021 and that this determination was based on information from SpaceX that it was suspending its Momentus-related efforts while Momentus works to secure approvals from the U.S. government,” Stable Road wrote.
Stable Road’s stock fell 13.4% in trading to close at $10.42.
The firm was the first of several special purpose acquisition companies, or SPACs, which announced deals with space ventures in the past year, saying it planned to take Momentus public at a $1.2 billion valuation. But Stable Road’s merger with Momentus has been bogged down this year, largely due to national security concerns raised by multiple U.S. government agencies.