What's Going On With Commercial Space Company Momentus Stock Today?

Commercial space company Momentus Inc MNTS shares are trading lower by over 22% Thursday morning.

Recently, Momentus effectuated a 1-for-50 reverse stock split of its Class A common stock that became effective on August 23, 2023, at 11:59 p.m. Eastern Time.

The company began trading on a split-adjusted basis at the opening of the market today.

The split will proportionately reduce the number of outstanding shares from approximately 98 million shares to approximately 2 million shares and is intended to bring it into compliance with the minimum bid price requirement.

In addition, the company has signed a contract with a Spanish Internet of Things (IoT) company, FOSSA Systems to provide hosted payload services starting in 2024. 

The contract also includes two options for additional hosted payloads. The hosted payloads will strategically complement FOSSA's existing IoT satellite constellation with additional capacity and serve as a technology demonstrator platform.

"Momentus provided orbital delivery services to FOSSA on the inaugural mission of Vigoride in 2022 and most recently provided mission management and integration support for the launch of the FOSSASat FEROX satellite in June 2023," said CEO John Rood.

Price Action: MNTS shares are trading lower by 22% at $9.40 on the last check Thursday.