Stable Road Acquisition Corp.’s shares fell more than 10% in after-hours trading Tuesday, after the Securities and Exchange Commission charged the company, its space-exploration acquisition target and executives with making misleading comments.
“Momentus’s former CEO is alleged to have engaged in fraud by misrepresenting the viability of the company’s technology and his status as a national security threat, inducing shareholders to approve a merger in which he stood to obtain shares worth upwards of $200 million,” Anita Bandy, associate director of the SEC’s enforcement division, said in a release.
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