SEC v. Momentus Stable Road Fair Fund

You or someone in your family may have purchased SRAC common stock, SRAC warrants, or SRAC units, traded on the NASDAQ under the trading symbols SRAC, SRACW, and SRACU (“Securities”) during the period October 7, 2020, through July 13, 2021, inclusive (“Recovery Period”).

You may review a copy of the Plan Notice, as well as other important documents, on the Documents page of this website.

The Commission found that Momentus, a privately held space company that aspires to provide space infrastructure services, and its former Chief Executive Officer, Mikhail Kokorich, made materially false statements, omitted to state material facts, and engaged in other deceptive conduct as Momentus sought to go public through a business combination with SRAC, a publicly traded special-purpose acquisition company. Specifically, the Commission found that Momentus’ business plans and multi-billion dollar revenue projections, as provided to investors and described in SRAC’s Form S-4 registration statement/proxy statement filed in connection with the anticipated merger, were materially false and misleading.

According to the Order, the Commission found that Momentus, Kokorich, and SRAC made material misstatements, false projections, concealed government concerns, and caused disclosure violations. The Commission ordered the Respondents to pay $8,040,000.00 in civil money penalties to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid can be distributed to harmed investors (the “Fair Fund”).

More information is detailed in the Plan Notice and the Plan of Distribution, both of which may be found on the Documents page of this website.

The Recovery Period is October 7, 2020 through July 13, 2021, inclusive.

Individuals and entities, or their lawful successors, who purchased SRAC common stock, SRAC warrants, or SRAC units, traded on the NASDAQ under the trading symbols SRAC, SRACW, and SRACU (“Securities”) during the period October 7, 2020 through July 13, 2021, inclusive (“Recovery Period”) and suffered a loss according to the Plan of Distribution are eligible to participate.

The Commission ordered the Respondents to pay $8,040,000.00 in civil money penalties to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid can be distributed to harmed investors (the “Fair Fund”).

The Respondents have paid in full. The Fair Fund has been deposited in a Commission-designated account at the United States Department of the Treasury, and any accrued interest will be added to the Fair Fund.

To qualify for a payment from the Momentus Stable Road Fair Fund, you must have purchased SRAC common stock, SRAC warrants, or SRAC units, traded on the NASDAQ under the trading symbols SRAC, SRACW, and SRACU (“Securities”) during the period October 7, 2020 through July 13, 2021, inclusive (“Recovery Period”) and you must submit a completed Claim Form with the necessary documentation so that it is postmarked (or if not sent by U.S. Mail, received) by July 4, 2024 (the “Claims Bar Date”), to be considered for eligibility to receive a Distribution Payment and not be one of the excluded parties. You can download a Claim Form from the Documents page to be submitted by mail, or you can submit your Claim Form online.

At this time, it is not possible to determine the amount of any individual payment because the amount will depend on a variety of factors, as further described in the approved Plan of Distribution. In order for a claim to be paid, the Distribution Amount must equal or exceed $10.00.

You are excluded from participation in the Momentus Stable Road Fair Fund if you are an Excluded Party as defined in the Plan, including:

• The Respondents;
• Present or former officers or directors of Respondents or any assigns, creditors, heirs, distributees, spouses, parents, dependent children, or controlled entities of any of the foregoing Persons or entities;
• Any employee or former employee of the Respondents or any of its affiliates who has been terminated for cause or has otherwise resigned, in connection with the conduct described in the Order;
• Any Person who, as of the Claims Bar Date, has been the subject of criminal charges related to the conduct described in the Order or any related Commission action;
• Any firm, trust, corporation, officer, or other entity in which Respondents has or had a controlling interest;
• The Fund Administrator, its employees, and those Persons assisting the Fund Administrator in its role as the Fund Administrator; or
• Any purchaser or assignee of another Person’s right to obtain a recovery from the Fair Fund for value; provided, however, that this provision shall not be construed to exclude those Persons who obtained such a right by gift, inheritance, or devise.

Epiq Class Action & Claims Solution, Inc. (“Epiq”) has been appointed as the Fund Administrator of the Momentus Stable Road Fair Fund to assist in overseeing the administration of the distribution of the Momentus Stable Road Fair Fund. This includes mailings, claims review, distribution, and other administrative tasks.

As a long-established firm, Epiq's electronic systems, software applications, and employee and operational protocols are all designed to protect and secure the case information provided. Further, Epiq is obligated to fulfill the security requirements mandated by the various court jurisdictions and governmental entities that oversee the various types of cases it administers.

You may contact the Fund Administrator by calling 1-888-817-6536, sending an email to info@MomentusStableRoadFairFund.com, or by writing to P.O. Box 2567, Portland, OR 97208-2567 for more information.

The CUSIPs during the Recovery Period were 85236Q109, 85236Q117, and 85236Q208. SRAC common stock, SRAC warrants, and SRAC units were traded on the NASDAQ under the trading symbols SRAC, SRACW, and SRACU, respectively.