The SEC Pursues Action Against SPAC and Insiders for Misleading Investors

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On July 13, 2021, the US Securities and Exchange Commission (“SEC”) announced charges against Stable Road Acquisition Corp. (“SRAC”), a special purpose acquisition company (“SPAC”), SRAC’s proposed merger target, Momentus Inc., each company’s CEO, and the SPAC’s sponsor, SRC-NI Holdings, LLC (“Sponsor”), in connection with misleading claims made by SRAC and Momentus about Momentus’s propulsion technology and national security concerns associated with Momentus’s CEO.

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