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SEC settles with Momentus over material misstatements about space technology and national security concerns in SPAC merger

[REGULATORY ACTION]

Jul 13, 2021 · Momentus Space · Vigoride Orbital Service Vehicle · United States (multiple hotel chains)

All Incidents

Failure Mode

REGULATORY ACTION

Event Date

Jul 13, 2021

Primary Entity

Momentus Space

Robotic Platform

Vigoride Orbital Service Vehicle

Jurisdiction / Location

United States (multiple hotel chains)

Audit Standard

Physical State Verified

Incident Abstract & Audit Findings

On July 13, 2021, the SEC announced a settled enforcement action against Momentus Inc. and its SPAC partner Stable Road Acquisition Corp. The SEC found that Momentus made material misstatements and omissions in SEC filings about successfully testing key space technology when the test had not been successful, and about national security concerns regarding Momentus's former CEO Mikhail Kokorich.

System & Fleet Architecture

Operating Manufacturer

Momentus SpaceView Manufacturer

Hardware Platform

Vigoride Orbital Service VehicleView Spec

Operational Sectors

Physical AI / Robotics

Primary Sources & Evidentiary Filings

  • https://www.sec.gov/files/litigation/admin/2021/33-10955.pdf

    https://www.sec.gov/files/litigation/admin/2021/33-10955.pdf

  • https://www.lit-wc.aoshearman.com/sec-announces-settled-enforcement-action-in-connection-with-spac-business

    https://www.lit-wc.aoshearman.com/sec-announces-settled-enforcement-action-in-connection-with-spac-business

Related Incidents & Failure Precedents

6 records on file

Incident Context & FAQ

What happened in SEC settles with Momentus over material misstatements about space technology and national security concerns in SPAC merger?

On July 13, 2021, the SEC announced a settled enforcement action against Momentus Inc. and its SPAC partner Stable Road Acquisition Corp. The SEC found that Momentus made material misstatements and omissions in SEC filings about successfully testing key space technology when the test had not been successful, and about national security concerns regarding Momentus's former CEO Mikhail Kokorich. Momentus paid a $7 million civil penalty, the SPAC paid $1 million, and the SPAC CEO paid $40,000. The SEC separately litigated against Kokorich. This was one of the first SEC enforcement actions against a SPAC merger target.

When did this incident occur?

The incident is recorded as occurring on July 13, 2021 on the DEPLOY registry. The date reflects the underlying real-world event, not the registry record's creation date.

What robot was involved in SEC settles with Momentus over material misstatements about space technology and national security concerns in SPAC merger?

Vigoride Orbital Service Vehicle by Momentus Space is the recorded robot involved in this incident at United States (multiple hotel chains).

Has anyone responded to SEC settles with Momentus over material misstatements about space technology and national security concerns in SPAC merger?

No responses to this incident are recorded on the DEPLOY registry. Operators, manufacturers, or affected parties can submit responses to the editorial team; absence is not a guarantee no response was issued.

What is the current status of SEC settles with Momentus over material misstatements about space technology and national security concerns in SPAC merger?

This incident is an active record on the DEPLOY registry; no retraction or correction has been issued.