According to the SEC, Stable Road CEO Brian Kabot and Momentus repeatedly told investors that it had "successfully tested" its propulsion technology in space, when its only in-space test had failed to achieve its primary objectives.
The U.S. Securities and Exchange Commission said the companies and Stable Road Acquisition Company Chief Executive Brian Kabot agreed to pay $8 million to resolve allegations that they misled investors about Momentus' technology and national security risks associated with its former CEO Mikhail Kokorich.
According to the SEC, Kokorich and Momentus, an early-stage space transportation company, repeatedly told investors that it had "successfully tested" its propulsion technology in space, when its only in-space test had failed to achieve its primary objectives or demonstrate the technology's commercial viability.
The two companies said last year they expected to merge in a $1.2 billion transaction, which they revised down to $700 million last month.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
21 Crappily Designed Signs To Make You Ponder For A Sec, Then Say, 'Hmmm...Alright!'If you've been looking for a sign, NONE OF THESE ARE IT. theatrepenguin7 these are gold! 🤣
Source: BuzzFeed - 🏆 730. / 51 Read more »
A start-up that helps employers hire people across the world is now valued at $1 billionRemote, a start-up that helps firms to employ people in different countries, has been valued by investors at $1 billion, the company said on Tuesday.
Source: CNBC - 🏆 12. / 72 Read more »
How to make the perfect cucumber salad: 5 recipes to cool down any cookoutThe cucumber — whether sliced, chopped, smashed or ribboned — is a blank canvas for flavor.
Source: TODAYshow - 🏆 389. / 55 Read more »
Why Virgin Galactic’s Space Tourism Ambitions May Not Convince All InvestorsVideo: Richard Branson’s trip to the edge of space opens the door to space tourism, but is Virgin Galactic’s long-term vision too down to Earth for space-loving investors? For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Blakescott64 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️ Let the billionaires race to the sun. EatTheRich Follow Us For More Updates
Source: WSJ - 🏆 98. / 63 Read more »
Zendaya Channeled Lola Bunny in a Moschino Top and Shorts Set With Sky-High White HeelsThis Space Jam: A New Legacy premiere look is peak summer. 🤩💜 ✨🌟😍
Source: ELLE Magazine (US) - 🏆 472. / 51 Read more »
Eyewitness Reveals What They Noticed About Harry Styles & Olivia Wilde During Their Italy VacationEyewitness Reveals What They Noticed About Harry Styles & Olivia Wilde During Their Italy Vacation (via JustJared) JustJared JustJared That he is gay-ya think?!?
Source: TMZ - 🏆 379. / 59 Read more »