Momentus Inc. MNTS shares are trading lower by 7.4% to $0.89 Tuesday morning after the company entered into a securities purchase agreement with a U.S. institutional investor.
The agreement involves the purchase and sale of 3,687,000 shares of common stock at a price of $1.085 per share, along with warrants, in a registered direct offering under Nasdaq rules.
The offering is expected to generate approximately $4.0 million in gross proceeds, with the issuance of warrants allowing investors to purchase an additional 3,687,000 shares at an exercise price of $0.96.
The closing of the offering is anticipated around January 17, subject to customary closing conditions, and A.G.P./Alliance Global Partners is serving as the sole placement agent for the transaction.
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According to data from Benzinga Pro, MNTS has a 52-week high of $66.50 and a 52-week low of $0.75.
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