Why Is MNTS Up Today?

Why is MNTS up today during the premarket hours? Here are all the things you need to know about the 50% surge in the stock price of Momentus Inc. (NASDAQ: MNTS).

On April 7, at 7:03 EST, Momentus Inc. (NASDAQ: MNTS) announced that it had entered an agreement with Space Exploration Technologies Corp. (“SpaceX”) to launch multiple products. The traders and investors responded positively to the news and caused a more than 40% surge in its stock price.

MNTS is a commercial space company based in the U.S. the company is going to offer in-space infrastructure services, including in-space transportation, hosted payloads, and in-orbit services. 

The news of this collaboration has been first announced during the Company’s March earnings call. In the mentioned announcement, it was stated that some slots reserved for Momentus on four upcoming SpaceX Transporter missions, Transporter-6, Transporter-7, Transporter-8, Transporter-9, the missions are targeted for October 2022, January 2023, April 2023, October 2023, respectively.

MNTS also plans to send its inaugural Vigoride demonstration flight on the upcoming SpaceX Transporter-5 mission. The plan is dependent on the receipt of appropriate government licenses and approvals.

MNTS is now going through follow-on testing of specific vehicle components to address the few anomalies found during TVAC testing.

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