Momentus Inc. (MNTS) shares jumped 37.27 percent to $21.25, up $5.77 on Wednesday, after the commercial space company announced a $25 million private placement with existing institutional investors.
The stock is currently trading at $21.25, compared with a previous close of $15.48 on the Nasdaq. It opened at $19.36 and traded between $18.50 and $21.62 during the session, with volume surging to 23.72 million shares, well above the average daily volume of 3.57 million shares.
Momentus said it entered into securities purchase agreements for the sale of 2.94 million shares of common stock, or equivalents, in an at-the-market private placement under Nasdaq rules. The company expects gross proceeds of approximately $25 million before fees and expenses. Following the transaction, Momentus said it expects to hold roughly $76 million in cash, cash equivalents, and short-term investments.
Momentus shares have traded between $3.11 and $43.57 over the past 52 weeks.
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