In Momentus/Stable Road charges, SEC warns SPAC sponsors and targets: A SPAC is not a license to mislead investors

by Peter B. de Selding

PARIS — The U.S. Securities and Exchange Commission (SEC) on July 13 sent a clear warning to investors and sponsors of the now-popular special purpose acquisition companies, SPACs:

Using this quick route to an IPO does not absolve you of the obligation to be straight with investors and perform correct due diligence.

The case in question is satellite last-mile-delivery startup Momentus Inc. and its SPAC sponsor, Stable Road Acquisition Co. (SRAC).

Momentus, SRAC . . .

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