Momentus Inc. (NASDAQ:MNTS) stock moved lower in Friday premarket trading after the space infrastructure company announced a $25 million registered direct offering of 1.85 million common shares priced at-the-market under Nasdaq rules.
The decline came despite a positive broader market backdrop, with the Nasdaq rising 0.13% and the S&P 500 gaining 0.25%.
The offering is expected to close on or about June 15, with proceeds earmarked for working capital and general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent.
Investors may be reacting to potential shareholder dilution, as the offering increases the company’s outstanding share count.
The stock pullback comes a day after Momentus participated in a broader rally across space-related stocks as investors positioned ahead of the anticipated public debut of SpaceX.
