What's Going On With Commercial Space Company Momentus Stock Today?
Portfolio Pulse from Shivani Kumaresan
Momentus Inc's shares are trading lower by over 22% following a 1-for-50 reverse stock split that reduced the number of outstanding shares from approximately 98 million to 2 million. The split is intended to bring the company into compliance with the minimum bid price requirement. Additionally, Momentus has signed a contract with Spanish IoT company, FOSSA Systems, to provide hosted payload services starting in 2024.
August 24, 2023 | 3:41 pm
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Momentus Inc's stock is trading lower following a reverse stock split and the announcement of a new contract with FOSSA Systems.
The reverse stock split has led to a decrease in the number of outstanding shares, which can often lead to a decrease in the stock price as it may be perceived negatively by investors. The new contract with FOSSA Systems could potentially boost the company's revenues in the future, but it seems that the immediate market reaction is negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100