Jems
2021-07-26
Beware and do due research.
A Space Company’s Wall Street Launch Misfires<blockquote>一家航天公司在华尔街的发射失败</blockquote>
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But it didn’t. It is attempting to go public by merging with a special-purpose acquisition company—a route that doesn’t require bankers to do full due diligence on the business breaking into public markets.</p><p><blockquote>如果Momentus Inc.公司申请传统的首次公开募股，参与该交易的银行家可能要为任何误导投资者的陈述承担责任。但事实并非如此。它正试图通过与一家特殊目的收购公司合并来上市——这种途径不需要银行家对进入公开市场的业务进行全面尽职调查。</blockquote></p><p> While SPACs are hot, it isa route the SEC is trying to curb. The commission accused Momentus and its founder of fraud and its SPAC partner of negligence for not ferreting out the problems and disclosing them in regulatory filings and investor materials.</p><p><blockquote>虽然SPAC很热门，但这是SEC试图遏制的一条路线。该委员会指控Momentus及其创始人存在欺诈行为，其SPAC合作伙伴存在疏忽，没有发现问题并在监管文件和投资者材料中披露这些问题。</blockquote></p><p> “Those who stand to earn significant profits from a SPAC merger may conduct inadequate due diligence and mislead investors,” SEC Chairman Gary Gensler warned in announcing an enforcement action earlier this month that included a settlement order.</p><p><blockquote>SEC主席加里·詹斯勒(Gary Gensler)在本月早些时候宣布包括和解令在内的执法行动时警告称：“那些有望从SPAC合并中赚取巨额利润的人可能会进行不充分的尽职调查并误导投资者。”</blockquote></p><p> Momentus agreed to pay $7 million and the SPAC,Stable Road Acquisition Corp., agreed to pay $1 million to settle the SEC probe, the agency said. The resolution didn’t require the companies to admit wrongdoing.</p><p><blockquote>该机构表示，Momentus同意支付700万美元，SPAC Stable Road Acquisition Corp.同意支付100万美元以解决SEC的调查。该决议没有要求这些公司承认不当行为。</blockquote></p><p> The SEC alsosued the founderof Momentus, the Russian entrepreneur Mikhail Kokorich, in federal court. Mr. Kokorich denies the SEC’s allegations that he misled investors and his SPAC partner, and “believes his position will be vindicated,” said his attorney, Thomas Gorman.</p><p><blockquote>SEC还在联邦法院起诉了Momentus创始人、俄罗斯企业家米哈伊尔·科科里奇(Mikhail Kokorich)。他的律师托马斯·戈尔曼(Thomas Gorman)表示，科科里奇否认了SEC关于他误导投资者和SPAC合伙人的指控，并“相信他的立场将得到证实”。</blockquote></p><p> Momentus said it is “pleased to be closing this chapter” and looks forward to going public and providing value to shareholders. An attorney for Stable Road didn’t respond to requests for comment. The company, in a recent regulatory filing, said it conducted “extensive due diligence” on Momentus’s finances, technology and intellectual property.</p><p><blockquote>Momentus表示“很高兴结束这一篇章”，并期待上市并为股东提供价值。Stable Road的律师没有回应置评请求。该公司在最近的一份监管文件中表示，它对Momentus的财务、技术和知识产权进行了“广泛的尽职调查”。</blockquote></p><p> In a traditional IPO, bankers, lawyers and accountants exhaustively research the listing company, examining records to verify statements made to investors.</p><p><blockquote>在传统的IPO中，银行家、律师和会计师会对上市公司进行全面研究，检查记录，验证对投资者的陈述。</blockquote></p><p> “With a traditional IPO, the investment bank is involved, and it has to do thorough due diligence,” said Georges Ugeux, a lecturer at Columbia Law School and a former executive at the New York Stock Exchange. SPACs are supposed to conduct due diligence in mergers, he said, adding, “It’s not going to be as thorough.”</p><p><blockquote>哥伦比亚大学法学院讲师、纽约证券交易所前高管乔治·乌格(Georges Ugeux)表示：“在传统的IPO中，投资银行会参与其中，并且必须进行彻底的尽职调查。”他表示，SPAC应该在合并中进行尽职调查，并补充说，“不会那么彻底。”</blockquote></p><p> SPACs raise capital, list on exchanges and then find merger targets. A SPAC typically has two years to complete an acquisition, or it must return the cash to shareholders, creating an incentive to get a deal done. Stable Road has until August to complete the merger with Momentus.</p><p><blockquote>SPAC筹集资金，在交易所上市，然后寻找合并目标。SPAC通常有两年时间完成收购，否则必须将现金返还给股东，从而激励完成交易。Stable Road必须在8月份之前完成与Momentus的合并。</blockquote></p><p> The investment bankEvercoreInc.advised Momentus on its financial projections and negotiations with Stable Road. Evercore’s role was akin to the job a bank plays in a merger, providing financial advice to a company that is being acquired, Mr. Ugeux said. An Evercore spokesman declined to comment.</p><p><blockquote>投资银行VercoreInc.就Momentus的财务预测以及与Stable Road的谈判提供咨询。Ugeux先生说，Evercore的角色类似于银行在合并中所扮演的角色，为被收购的公司提供财务建议。Evercore发言人拒绝置评。</blockquote></p><p> Stable Road’s founders initially considered cannabis companies when they began hunting for a startup to take public. They launched talks with Momentus, initially valued at $1.8 billion, in July 2020, according to regulatory filings.</p><p><blockquote>Stable Road的创始人在开始寻找上市初创公司时，最初考虑的是大麻公司。根据监管文件，他们于2020年7月与Momentus启动了谈判，最初估值为18亿美元。</blockquote></p><p> Momentus, in a fall investment presentation, said its customers have included the National Aeronautics and Space Administration and government contractors such asLockheed MartinCorp.It plans to have SpaceX rockets carry Momentus’s smaller transport vehicles into space, according to the presentation and regulatory filings. Lockheed is no longer a customer, according to Momentus.</p><p><blockquote>Momentus在秋季投资演示中表示，其客户包括美国国家航空航天局和洛克希德·马丁公司等政府承包商。根据演示文稿和监管文件，它计划让SpaceX火箭将Momentus的小型运输工具送入太空。据Momentus称，洛克希德公司不再是客户。</blockquote></p><p> Its propulsion technology to carry satellites from rockets and place them into orbit was unproven and a test in 2019 wasn’t successful under the company’s criteria, with the company losing contact with a demonstration satellite, which remains in space, the SEC said. A Russian Soyuz rocket carried the Momentus thruster into space, according to Momentus. The company told investors after the demonstration that it had been successful, the SEC said.</p><p><blockquote>SEC表示，其从火箭运载卫星并将其送入轨道的推进技术尚未得到证实，根据该公司的标准，2019年的一次测试并不成功，该公司与一颗仍在太空中的演示卫星失去了联系。据Momentus称，俄罗斯联盟号火箭将Momentus推进器送入太空。美国证券交易委员会表示，该公司在演示后告诉投资者，它取得了成功。</blockquote></p><p> Stable Road didn’t start its review of Momentus until a month before the merger was announced in October 2020, and a consultant hired by Stable Road to review Momentus’s technology didn’t evaluate the result of the test mission, the SEC said.</p><p><blockquote>SEC表示，Stable Road直到2020年10月宣布合并前一个月才开始对Momentus进行审查，Stable Road聘请的审查Momentus技术的顾问没有评估测试任务的结果。</blockquote></p><p> Mr. Kokorich, who founded the space company in 2017, also misled investors and Stable Road about his national-security issues, the SEC alleged in its lawsuit.</p><p><blockquote>美国证券交易委员会在诉讼中称，2017年创立这家太空公司的科科里奇还在国家安全问题上误导了投资者和Stable Road。</blockquote></p><p></p><p> A unit of the Commerce Department denied Momentus’s application in March 2018 for an export-license for Mr. Kokorich to access the company’s propulsion technology after consulting the Defense and State departments because he “was not an ‘acceptable recipient’ of the technology ‘for national security reasons,’” the SEC said. The SEC filing didn’t elaborate on the Commerce Department’s decision.</p><p><blockquote>商务部的一个部门在咨询了国防部和国务院后，于2018年3月拒绝了Momentus为Kokorich先生获得该公司推进技术的出口许可证申请，因为他“出于国家安全原因不是该技术的‘可接受接受者’，”美国证券交易委员会表示。美国证券交易委员会的文件没有详细说明商务部的决定。</blockquote></p><p> A month later the Committee on Foreign Investment in the U.S., a multiagency panel that screens deals for national-security risks, flagged Mr. Kokorich’s investment in a different space company and later suggested that he divest his stake, citing the sophistication of the company’s technology and unspecified concerns about him and other investors, the lawsuit said.</p><p><blockquote>诉讼称，一个月后，美国外国投资委员会（Committee on Foreign Investment）是一个负责筛选交易是否存在国家安全风险的多机构小组，标记了科科里奇对另一家航天公司的投资，后来建议他剥离所持股份，理由是该公司技术的复杂性以及对他和其他投资者的未具体说明的担忧。</blockquote></p><p> U.S. Citizenship and Immigration Services soon revoked Mr. Kokorich’s work visa and denied his request for permanent resident status, according to the SEC. He later applied for political asylum, which was also denied. He now lives in Switzerland, according to the SEC.</p><p><blockquote>据美国证券交易委员会称，美国公民和移民服务局很快吊销了科科里奇的工作签证，并拒绝了他获得永久居民身份的请求。他后来申请政治庇护，也被拒绝。据美国证券交易委员会称，他现在住在瑞士。</blockquote></p><p> Mr. Kokorich resigned as chief executive in January, a few days after the Defense Department told Momentus that his ownership and control of the company posed a national-security risk.</p><p><blockquote>科科里奇于一月份辞去首席执行官职务，几天前，国防部告诉Momentus，他对该公司的所有权和控制权构成了国家安全风险。</blockquote></p><p> Momentus and Stable Road are still seeking shareholder approval next month for their merger. Momentus’s value has been reduced to $566 million, according to securities filings. Private investors pulled $118 million from the deal after the SEC enforcement action was announced, but the company has raised funds from new investors, regulatory filings show.</p><p><blockquote>Momentus和Stable Road下个月仍在寻求股东批准合并。根据证券备案文件，Momentus的价值已降至5.66亿美元。监管文件显示，在SEC的执法行动宣布后，私人投资者从该交易中撤出了1.18亿美元，但该公司已从新投资者那里筹集了资金。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Space Company’s Wall Street Launch Misfires<blockquote>一家航天公司在华尔街的发射失败</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Space Company’s Wall Street Launch Misfires<blockquote>一家航天公司在华尔街的发射失败</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-26 11:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON—A space-transportation company trying to go public didn’t tell potential investors that its satellite-hauling technology failed, that it lost contact with a satellite in space and that its Russian founder had been deemed a national-security risk by the U.S. government, the Securities and Exchange Commission said.</p><p><blockquote>华盛顿——一家试图上市的太空运输公司没有告诉潜在投资者，其卫星运输技术失败了，与太空中的一颗卫星失去了联系，其俄罗斯创始人被美国证券交易委员会视为国家安全风险。</blockquote></p><p> Had the company, Momentus Inc., filed for a traditional initial public offering, the bankers working on the deal could be liable for any misleading statements to investors. But it didn’t. It is attempting to go public by merging with a special-purpose acquisition company—a route that doesn’t require bankers to do full due diligence on the business breaking into public markets.</p><p><blockquote>如果Momentus Inc.公司申请传统的首次公开募股，参与该交易的银行家可能要为任何误导投资者的陈述承担责任。但事实并非如此。它正试图通过与一家特殊目的收购公司合并来上市——这种途径不需要银行家对进入公开市场的业务进行全面尽职调查。</blockquote></p><p> While SPACs are hot, it isa route the SEC is trying to curb. The commission accused Momentus and its founder of fraud and its SPAC partner of negligence for not ferreting out the problems and disclosing them in regulatory filings and investor materials.</p><p><blockquote>虽然SPAC很热门，但这是SEC试图遏制的一条路线。该委员会指控Momentus及其创始人存在欺诈行为，其SPAC合作伙伴存在疏忽，没有发现问题并在监管文件和投资者材料中披露这些问题。</blockquote></p><p> “Those who stand to earn significant profits from a SPAC merger may conduct inadequate due diligence and mislead investors,” SEC Chairman Gary Gensler warned in announcing an enforcement action earlier this month that included a settlement order.</p><p><blockquote>SEC主席加里·詹斯勒(Gary Gensler)在本月早些时候宣布包括和解令在内的执法行动时警告称：“那些有望从SPAC合并中赚取巨额利润的人可能会进行不充分的尽职调查并误导投资者。”</blockquote></p><p> Momentus agreed to pay $7 million and the SPAC,Stable Road Acquisition Corp., agreed to pay $1 million to settle the SEC probe, the agency said. The resolution didn’t require the companies to admit wrongdoing.</p><p><blockquote>该机构表示，Momentus同意支付700万美元，SPAC Stable Road Acquisition Corp.同意支付100万美元以解决SEC的调查。该决议没有要求这些公司承认不当行为。</blockquote></p><p> The SEC alsosued the founderof Momentus, the Russian entrepreneur Mikhail Kokorich, in federal court. Mr. Kokorich denies the SEC’s allegations that he misled investors and his SPAC partner, and “believes his position will be vindicated,” said his attorney, Thomas Gorman.</p><p><blockquote>SEC还在联邦法院起诉了Momentus创始人、俄罗斯企业家米哈伊尔·科科里奇(Mikhail Kokorich)。他的律师托马斯·戈尔曼(Thomas Gorman)表示，科科里奇否认了SEC关于他误导投资者和SPAC合伙人的指控，并“相信他的立场将得到证实”。</blockquote></p><p> Momentus said it is “pleased to be closing this chapter” and looks forward to going public and providing value to shareholders. An attorney for Stable Road didn’t respond to requests for comment. The company, in a recent regulatory filing, said it conducted “extensive due diligence” on Momentus’s finances, technology and intellectual property.</p><p><blockquote>Momentus表示“很高兴结束这一篇章”，并期待上市并为股东提供价值。Stable Road的律师没有回应置评请求。该公司在最近的一份监管文件中表示，它对Momentus的财务、技术和知识产权进行了“广泛的尽职调查”。</blockquote></p><p> In a traditional IPO, bankers, lawyers and accountants exhaustively research the listing company, examining records to verify statements made to investors.</p><p><blockquote>在传统的IPO中，银行家、律师和会计师会对上市公司进行全面研究，检查记录，验证对投资者的陈述。</blockquote></p><p> “With a traditional IPO, the investment bank is involved, and it has to do thorough due diligence,” said Georges Ugeux, a lecturer at Columbia Law School and a former executive at the New York Stock Exchange. SPACs are supposed to conduct due diligence in mergers, he said, adding, “It’s not going to be as thorough.”</p><p><blockquote>哥伦比亚大学法学院讲师、纽约证券交易所前高管乔治·乌格(Georges Ugeux)表示：“在传统的IPO中，投资银行会参与其中，并且必须进行彻底的尽职调查。”他表示，SPAC应该在合并中进行尽职调查，并补充说，“不会那么彻底。”</blockquote></p><p> SPACs raise capital, list on exchanges and then find merger targets. A SPAC typically has two years to complete an acquisition, or it must return the cash to shareholders, creating an incentive to get a deal done. Stable Road has until August to complete the merger with Momentus.</p><p><blockquote>SPAC筹集资金，在交易所上市，然后寻找合并目标。SPAC通常有两年时间完成收购，否则必须将现金返还给股东，从而激励完成交易。Stable Road必须在8月份之前完成与Momentus的合并。</blockquote></p><p> The investment bankEvercoreInc.advised Momentus on its financial projections and negotiations with Stable Road. Evercore’s role was akin to the job a bank plays in a merger, providing financial advice to a company that is being acquired, Mr. Ugeux said. An Evercore spokesman declined to comment.</p><p><blockquote>投资银行VercoreInc.就Momentus的财务预测以及与Stable Road的谈判提供咨询。Ugeux先生说，Evercore的角色类似于银行在合并中所扮演的角色，为被收购的公司提供财务建议。Evercore发言人拒绝置评。</blockquote></p><p> Stable Road’s founders initially considered cannabis companies when they began hunting for a startup to take public. They launched talks with Momentus, initially valued at $1.8 billion, in July 2020, according to regulatory filings.</p><p><blockquote>Stable Road的创始人在开始寻找上市初创公司时，最初考虑的是大麻公司。根据监管文件，他们于2020年7月与Momentus启动了谈判，最初估值为18亿美元。</blockquote></p><p> Momentus, in a fall investment presentation, said its customers have included the National Aeronautics and Space Administration and government contractors such asLockheed MartinCorp.It plans to have SpaceX rockets carry Momentus’s smaller transport vehicles into space, according to the presentation and regulatory filings. Lockheed is no longer a customer, according to Momentus.</p><p><blockquote>Momentus在秋季投资演示中表示，其客户包括美国国家航空航天局和洛克希德·马丁公司等政府承包商。根据演示文稿和监管文件，它计划让SpaceX火箭将Momentus的小型运输工具送入太空。据Momentus称，洛克希德公司不再是客户。</blockquote></p><p> Its propulsion technology to carry satellites from rockets and place them into orbit was unproven and a test in 2019 wasn’t successful under the company’s criteria, with the company losing contact with a demonstration satellite, which remains in space, the SEC said. A Russian Soyuz rocket carried the Momentus thruster into space, according to Momentus. The company told investors after the demonstration that it had been successful, the SEC said.</p><p><blockquote>SEC表示，其从火箭运载卫星并将其送入轨道的推进技术尚未得到证实，根据该公司的标准，2019年的一次测试并不成功，该公司与一颗仍在太空中的演示卫星失去了联系。据Momentus称，俄罗斯联盟号火箭将Momentus推进器送入太空。美国证券交易委员会表示，该公司在演示后告诉投资者，它取得了成功。</blockquote></p><p> Stable Road didn’t start its review of Momentus until a month before the merger was announced in October 2020, and a consultant hired by Stable Road to review Momentus’s technology didn’t evaluate the result of the test mission, the SEC said.</p><p><blockquote>SEC表示，Stable Road直到2020年10月宣布合并前一个月才开始对Momentus进行审查，Stable Road聘请的审查Momentus技术的顾问没有评估测试任务的结果。</blockquote></p><p> Mr. Kokorich, who founded the space company in 2017, also misled investors and Stable Road about his national-security issues, the SEC alleged in its lawsuit.</p><p><blockquote>美国证券交易委员会在诉讼中称，2017年创立这家太空公司的科科里奇还在国家安全问题上误导了投资者和Stable Road。</blockquote></p><p></p><p> A unit of the Commerce Department denied Momentus’s application in March 2018 for an export-license for Mr. Kokorich to access the company’s propulsion technology after consulting the Defense and State departments because he “was not an ‘acceptable recipient’ of the technology ‘for national security reasons,’” the SEC said. The SEC filing didn’t elaborate on the Commerce Department’s decision.</p><p><blockquote>商务部的一个部门在咨询了国防部和国务院后，于2018年3月拒绝了Momentus为Kokorich先生获得该公司推进技术的出口许可证申请，因为他“出于国家安全原因不是该技术的‘可接受接受者’，”美国证券交易委员会表示。美国证券交易委员会的文件没有详细说明商务部的决定。</blockquote></p><p> A month later the Committee on Foreign Investment in the U.S., a multiagency panel that screens deals for national-security risks, flagged Mr. Kokorich’s investment in a different space company and later suggested that he divest his stake, citing the sophistication of the company’s technology and unspecified concerns about him and other investors, the lawsuit said.</p><p><blockquote>诉讼称，一个月后，美国外国投资委员会（Committee on Foreign Investment）是一个负责筛选交易是否存在国家安全风险的多机构小组，标记了科科里奇对另一家航天公司的投资，后来建议他剥离所持股份，理由是该公司技术的复杂性以及对他和其他投资者的未具体说明的担忧。</blockquote></p><p> U.S. Citizenship and Immigration Services soon revoked Mr. Kokorich’s work visa and denied his request for permanent resident status, according to the SEC. He later applied for political asylum, which was also denied. He now lives in Switzerland, according to the SEC.</p><p><blockquote>据美国证券交易委员会称，美国公民和移民服务局很快吊销了科科里奇的工作签证，并拒绝了他获得永久居民身份的请求。他后来申请政治庇护，也被拒绝。据美国证券交易委员会称，他现在住在瑞士。</blockquote></p><p> Mr. Kokorich resigned as chief executive in January, a few days after the Defense Department told Momentus that his ownership and control of the company posed a national-security risk.</p><p><blockquote>科科里奇于一月份辞去首席执行官职务，几天前，国防部告诉Momentus，他对该公司的所有权和控制权构成了国家安全风险。</blockquote></p><p> Momentus and Stable Road are still seeking shareholder approval next month for their merger. Momentus’s value has been reduced to $566 million, according to securities filings. Private investors pulled $118 million from the deal after the SEC enforcement action was announced, but the company has raised funds from new investors, regulatory filings show.</p><p><blockquote>Momentus和Stable Road下个月仍在寻求股东批准合并。根据证券备案文件，Momentus的价值已降至5.66亿美元。监管文件显示，在SEC的执法行动宣布后，私人投资者从该交易中撤出了1.18亿美元，但该公司已从新投资者那里筹集了资金。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/a-space-companys-wall-street-launch-misfires-11627228802?mod=hp_lead_pos5\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/a-space-companys-wall-street-launch-misfires-11627228802?mod=hp_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131638202","content_text":"WASHINGTON—A space-transportation company trying to go public didn’t tell potential investors that its satellite-hauling technology failed, that it lost contact with a satellite in space and that its Russian founder had been deemed a national-security risk by the U.S. government, the Securities and Exchange Commission said.\nHad the company, Momentus Inc., filed for a traditional initial public offering, the bankers working on the deal could be liable for any misleading statements to investors. But it didn’t. It is attempting to go public by merging with a special-purpose acquisition company—a route that doesn’t require bankers to do full due diligence on the business breaking into public markets.\nWhile SPACs are hot, it isa route the SEC is trying to curb. The commission accused Momentus and its founder of fraud and its SPAC partner of negligence for not ferreting out the problems and disclosing them in regulatory filings and investor materials.\n“Those who stand to earn significant profits from a SPAC merger may conduct inadequate due diligence and mislead investors,” SEC Chairman Gary Gensler warned in announcing an enforcement action earlier this month that included a settlement order.\nMomentus agreed to pay $7 million and the SPAC,Stable Road Acquisition Corp., agreed to pay $1 million to settle the SEC probe, the agency said. The resolution didn’t require the companies to admit wrongdoing.\nThe SEC alsosued the founderof Momentus, the Russian entrepreneur Mikhail Kokorich, in federal court. Mr. Kokorich denies the SEC’s allegations that he misled investors and his SPAC partner, and “believes his position will be vindicated,” said his attorney, Thomas Gorman.\nMomentus said it is “pleased to be closing this chapter” and looks forward to going public and providing value to shareholders. An attorney for Stable Road didn’t respond to requests for comment. The company, in a recent regulatory filing, said it conducted “extensive due diligence” on Momentus’s finances, technology and intellectual property.\nIn a traditional IPO, bankers, lawyers and accountants exhaustively research the listing company, examining records to verify statements made to investors.\n“With a traditional IPO, the investment bank is involved, and it has to do thorough due diligence,” said Georges Ugeux, a lecturer at Columbia Law School and a former executive at the New York Stock Exchange. SPACs are supposed to conduct due diligence in mergers, he said, adding, “It’s not going to be as thorough.”\nSPACs raise capital, list on exchanges and then find merger targets. A SPAC typically has two years to complete an acquisition, or it must return the cash to shareholders, creating an incentive to get a deal done. Stable Road has until August to complete the merger with Momentus.\nThe investment bankEvercoreInc.advised Momentus on its financial projections and negotiations with Stable Road. Evercore’s role was akin to the job a bank plays in a merger, providing financial advice to a company that is being acquired, Mr. Ugeux said. An Evercore spokesman declined to comment.\nStable Road’s founders initially considered cannabis companies when they began hunting for a startup to take public. They launched talks with Momentus, initially valued at $1.8 billion, in July 2020, according to regulatory filings.\nMomentus, in a fall investment presentation, said its customers have included the National Aeronautics and Space Administration and government contractors such asLockheed MartinCorp.It plans to have SpaceX rockets carry Momentus’s smaller transport vehicles into space, according to the presentation and regulatory filings. Lockheed is no longer a customer, according to Momentus.\nIts propulsion technology to carry satellites from rockets and place them into orbit was unproven and a test in 2019 wasn’t successful under the company’s criteria, with the company losing contact with a demonstration satellite, which remains in space, the SEC said. A Russian Soyuz rocket carried the Momentus thruster into space, according to Momentus. The company told investors after the demonstration that it had been successful, the SEC said.\nStable Road didn’t start its review of Momentus until a month before the merger was announced in October 2020, and a consultant hired by Stable Road to review Momentus’s technology didn’t evaluate the result of the test mission, the SEC said.\nMr. Kokorich, who founded the space company in 2017, also misled investors and Stable Road about his national-security issues, the SEC alleged in its lawsuit.\nA unit of the Commerce Department denied Momentus’s application in March 2018 for an export-license for Mr. Kokorich to access the company’s propulsion technology after consulting the Defense and State departments because he “was not an ‘acceptable recipient’ of the technology ‘for national security reasons,’” the SEC said. The SEC filing didn’t elaborate on the Commerce Department’s decision.\nA month later the Committee on Foreign Investment in the U.S., a multiagency panel that screens deals for national-security risks, flagged Mr. Kokorich’s investment in a different space company and later suggested that he divest his stake, citing the sophistication of the company’s technology and unspecified concerns about him and other investors, the lawsuit said.\nU.S. Citizenship and Immigration Services soon revoked Mr. Kokorich’s work visa and denied his request for permanent resident status, according to the SEC. He later applied for political asylum, which was also denied. He now lives in Switzerland, according to the SEC.\nMr. Kokorich resigned as chief executive in January, a few days after the Defense Department told Momentus that his ownership and control of the company posed a national-security risk.\nMomentus and Stable Road are still seeking shareholder approval next month for their merger. Momentus’s value has been reduced to $566 million, according to securities filings. Private investors pulled $118 million from the deal after the SEC enforcement action was announced, but the company has raised funds from new investors, regulatory filings show.","news_type":1,"symbols_score_info":{"SRAC":0.9}},"isVote":1,"tweetType":1,"viewCount":2878,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":23,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/800976289"}
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