Momentus (MNTS) - 2021 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2021, the company reported a net income of $5,766,486, which includes operating costs of $2,972,323 and a change in the fair value of warrant liabilities of $8,719,763 [127]. - The company generated non-operating income from interest on marketable securities held in the Trust Account, amounting to $19,046 for the three months ended March 31, 2021 [126]. Cash and Securities - As of March 31, 2021, the company had cash and marketable securities in the Trust Account totaling $173,022,306, with an additional $208,550 in cash outside the Trust Account [134][136]. - The net proceeds from the Initial Public Offering have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less [148]. - The company believes there will be no associated material exposure to interest rate risk due to the short-term nature of these investments [148]. Initial Public Offering - The company completed its Initial Public Offering on November 13, 2019, raising gross proceeds of $172,500,000 from the sale of 17,250,000 Units [130]. - The company incurred $10,924,857 in transaction costs related to its Initial Public Offering, which included $3,450,000 in underwriting fees [131]. Business Combination and Acquisition Plans - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of its initial Business Combination [124]. - The company has until August 13, 2021, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed [140]. - The company may need to obtain additional financing to complete its initial Business Combination or to meet obligations if a significant number of Public Shares are redeemed [139]. Debt and Obligations - The company has no long-term debt or capital lease obligations, with only a monthly fee of $10,000 owed to an affiliate of the Sponsor for administrative support [142]. Accounting Policies and Risks - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, with actual results potentially differing from estimates [144]. - As of March 31, 2021, the company was not subject to any market or interest rate risk [148].