UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 97187 / March 23, 2023

ADMINISTRATIVE PROCEEDING

File No. 3-20393

In the Matter of

Momentus, Inc., Stable Road 

Acquisition Corp., SRC-NI 

Holdings, LLC, and Brian Kabot,

Respondents.

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SECOND EXTENSION ORDER

The Division of Enforcement (“Division”) has requested an extension of time until June 

30, 2023 to submit a Proposed Plan of Distribution under Rule 1101(a) of the Commission’s 

Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. § 201.1101(a).

On July 13, 2021, the Commission issued an Order Instituting Cease-and-Desist 

Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the 

Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (the 

“Order”)1against Momentus, Inc. (“Momentus”), Stable Road Acquisition Corp. (“SRAC”), 

SRC-NI Holdings, LLC (“SRC-NI”), and Brian Kabot (“Kabot”) (collectively, the 

“Respondents”). In the Order, the Commission found that Momentus, a privately held space 

company that aspires to provide space infrastructure services, and its former Chief Executive 

Officer Mikhail Kokorich (“Kokorich”), made materially false statements, omitted to state 

material facts, and engaged in other deceptive conduct as Momentus sought to go public through 

 

1

 Securities Act Rel. No. 10955 (July 13, 2021).
2

a business combination with SRAC, a publicly traded special-purpose acquisition company 

(“SPAC”). Specifically, the Commission found that Momentus’ business plans and multi-billion 

dollar revenue projections, as provided to investors and described in SRAC’s Form S-4 

registration statement/proxy statement filed in connection with the anticipated merger, were 

materially false and misleading. According to the Order, SRAC also engaged in negligent 

misconduct by repeating and disseminating Momentus’ misrepresentations in Commission 

filings without a reasonable basis in fact and its due diligence failures compounded Momentus’ 

and Kokorich’s misrepresentations and omissions, resulting in the dissemination of materially 

false and misleading information to investors. Additionally, the Commission found that Kabot, 

SRAC’s CEO who signed public filings that included misrepresentations about Momentus’ 

technology and national security risks, caused SRAC’s disclosure violations. According to the 

Order, SRAC’s public filings, including registration statements signed by Kabot, incorporated 

Momentus’ and Kokorich’s false and misleading claims caused investors to be misled about 

material aspects of Momentus’ business. The Commission further found that Kabot is a 

managing member of SRAC’s sponsor, SRC-NI, and his conduct as described in the Order, was 

also attributable to SRC-NI. 

In total, the Commission ordered the Respondents to pay $8,040,000.00 in civil money 

penalties to the Commission. The Commission also created a Fair Fund, pursuant to Section 

308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid can be distributed to harmed 

investors (the “Fair Fund”).

 
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The Fair Fund consists of the $8,040,000.00 paid by the Respondents. The Fair Fund has 

been deposited in a Commission-designated account at the U.S. Department of the Treasury, and 

any accrued interest will be added to the Fair Fund.

On September 1, 2022, the Division, pursuant to delegated authority, issued an Extension 

Order, extending the Division’s time until March 31, 2023 to submit a proposed plan of 

distribution to complete the fund administrator solicitation process, develop the distribution 

methodology, and prepare the proposed plan of distribution.

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A fund administrator has been appointed, and the Division now believes an additional 

three months of time is needed. In its request for an extension of time, the Division states that 

additional time is needed to develop the distribution methodology and prepare the proposed plan 

of distribution.

Accordingly, for good cause shown, IT IS HEREBY ORDERED that the Division’s 

request for an extension of time until June 30, 2023 to submit a Proposed Plan of Distribution is 

granted. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.3

Vanessa A. Countryman

Secretary 

 

2

 Exchange Act Rel. No. 95653 (Sept. 1, 2022).

1

 17 C.F.R. § 200.30-4(a)(21)(i).