Why Stable Road Acquisition Stock Is Down Today
The Securities and Exchange Commission is following through on its pledge to get tough on special purpose acquisition companies (SPACs), charging Stable Road Acquisition (NASDAQ: SRAC) and its merger partner Momentus with misleading investors about their planned deal. Stable Road shares traded down as much as 10% today as a result.
The road to a deal completion has been anything but stable for these two merger partners. Last October, space-tug company Momentus announced plans to combine with Stable Road, but that deal has been bogged down by regulatory concerns related to Momentus' Russian founder Mikhail Kokorich.
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Source Fool.com
