Momentus Inc. (MNTS) shares surged 6.43% in after-hours on Wednesday, December 15, 2021, and closed the daily trading at $5.30. Even in the regular trading session, MNTS’s stock gained 0.40%. Momentus shares have fallen 65.37% over the last 12 months, and they have moved down 17.00% in the past week. Over the past three months, the stock has lost 51.51%, while over the past six months, it has declined 57.44%.
Let’s discuss its recent news and developments briefly.
MNTS Strategic Advisory Group
On December 06, 2021, Momentus Inc. (MNTS) created its Strategic Advisory Group (SAG) that will partner with Company leadership to guide programmatic, technical, and operational strategies.
The SAG group comprises five leaders and technology experts who have created, implemented, managed, and led various business and technology programs for world-class companies and educational institutions.
MNTS joined MSCI Global Small Cap Index
Momentus Inc. (MNTS) common stock was added to the MSCI Global Small Cap Indexes after the market closed on November 30, 2021.
MSCI Global Small Cap Indexes capture small-cap representation across more than 20 Developed Markets countries. With 4,419 constituents, the indexes cover approximately 14% of the free float-adjusted market capitalization in each country.
MNTS latest financial results
On November 09, 2021, Momentus Inc. (MNTS) announced its financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- total revenue was $200,000 in Q3 2021 compared to zero in Q3 2020.
- The cost of revenue was $184,000 in Q3 2021.
- Gross profit was $384,000 in the third quarter of 2021.
- Total operating expenses were $21.1 million in Q3 2021 compared to $9.43 million in Q3 2020.
- It suffered a net loss of $5.6 million in Q3 2021 compared to 110.9 million of loss in Q3 2020.
MNTS new appointment
On October 4, 2021, Momentus Inc. (MNTS) appointed Paul Ney, former General Counsel of the United States Department of Defense, as Chief Legal Officer and Corporate Secretary.
MNTS business combination with Stable Road Acquisition
On August 12, 2021, Momentus Inc. (MNTS), closed its business combination with Stable Road Acquisition. Momentus’ securities start trading on the Nasdaq Global Select Market on August 13, 2021, under the ticker symbols “MNTS” for Momentus Class A common stock and “MNTSW” for Momentus warrants.
Momentus raised approximately $247 million in cash proceeds through the business combination. SRAC stockholders approved the business combination at a special meeting on August 11, 2021, with approximately 97% of votes cast in favor.
Well, we have no reason to justify its good performance on Wednesday and we hope that it will continue its momentum on Thursday as well.