Momentus Inc. has announced an amendment to its existing Loan Agreement with J.J. Astor & Co., allowing for revised conditions on the funding of a second tranche under the agreement. The amendment includes the issuance of a junior secured convertible note with a principal amount of $1,012,500 and a warrant to purchase up to 476,470 shares of Momentus' Class A common stock. Key conditions for the second tranche funding include maintaining a Nasdaq listing, a minimum closing trading price of $1.25 per share, and a market capitalization of at least $6.7 million. Additionally, the conversion price for notes issued under the loan will be adjusted to the lesser of $1.70 or the closing price prior to the issuance. The amendment also introduces a cash "make-whole" payment mechanism to ensure fair conversion value for the Lender.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.