Space company Momentus, once valued at more than $1 billion, is running dangerously low on money
Publishing timestamp: 2024-01-12 10:50:47
Summary
Momentus, a space company once valued at over $1 billion, has abandoned its plans for its next mission due to limited liquidity and cash balance. The company warned shareholders that it is running out of money and does not have a financial lifeline. Momentus has already laid off 20% of its workforce and its ability to continue operations depends on raising equity capital or engaging in a strategic transaction. The company's shares fell more than 30% and its market value dropped to nearly $5 million.
Sentiment: NEGATIVE
Tickers: MNTS,
Keywords: business, transportation, breaking news: business, business news, space industry, the edge, breaking news: technology, aerospace and defense industry, momentus inc, technology,
Source: https://www.cnbc.com/2024/01/12/space-company-momentus-mnts-running-out-of-money.html