UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 96981 / February 24, 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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ORDER APPOINTING 

FUND ADMINISTRATOR AND 

SETTING ADMINISTRATOR’S 

BOND AMOUNT

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 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 

 

1

 Securities Act Rel. No. 10955 (July 13, 2021).
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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 Commission 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 that 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 was 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”). 

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. 

The Division of Enforcement now seeks the appointment of Epiq Class Action & Claims

Solutions, Inc. (“Epiq”) as the fund administrator and requests that the administrator’s bond be 

set at $8,040,000.00. Epiq is included in the Commission’s approved pool of administrators.
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Accordingly, IT IS HEREBY ORDERED that Epiq is appointed as the fund 

administrator, pursuant to Rule 1105(a) of the Commission’s Rules on Fair Fund and 

Disgorgement Plans (“Commission’s Rules”),2and shall obtain a bond in accordance with Rule 

1105(c) of the Commission’s Rules,3in the amount of $8,040,000.00.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.4

Vanessa A. Countryman

Secretary 

 

2

 17 C.F.R. § 201.1105(a).

3

 17 C.F.R. § 201.1105(c).

4

 17 C.F.R. § 200.30-4(a)(17).