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Space-exploration Spac targeted by US watchdog in crackdown

Former Momentus chief faces charges while company and Spac agree to pay more than $8m and face other penalties for allegedly misrepresenting tech and risk factors

Stable Road’s shares fell 10% on 14 July, after the US Securities and Exchange Commission charged the company, its space-exploration acquisition target and executives with making misleading comments.

Stable Road — a special-purpose acquisition company, or Spac — agreed to merge with Momentus, an early-stage space-exploration company, last fall at an enterprise value of about $1.2bn.

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