Momentus Cancels Stockholder Meeting, Highlighting Deepening Distress and Governance Failures

What happened

Momentus Inc. has cancelled its 2025 special meeting of stockholders, which was previously adjourned due to a lack of quorum. The meeting, originally scheduled for November 24 and adjourned to December 15, failed to attract sufficient shareholder participation, reflecting severe disengagement. This underscores the company's financial distress, as detailed in the DeepValue report, which notes acute liquidity with only $1.6 million cash at 2024 year-end and negative equity by 3Q25. With $2.1 million in 2024 revenue against a $34.9 million net loss and a $408 million accumulated deficit, Momentus faces substantial going-concern warnings and relies on precarious financing. The cancellation signals operational and governance challenges that compound its high risk of equity wipeout.

Implication

Investors should interpret the lack of quorum as a critical red flag for governance and funding viability, suggesting a dwindling active shareholder base. This aligns with the DeepValue report's STRONG SELL rating, emphasizing the company's dependence on fragile financing or asset sales to address liquidity crises. The event may delay capital-raising efforts, increasing the likelihood of a Section 363 sale or bankruptcy that leaves equity with minimal value. For existing shareholders, it confirms the asymmetric risk profile skewed towards zero, with little margin for error in mission execution or securing near-term funding. Overall, it underscores that Momentus remains a highly speculative, distressed play with no safety net, warranting extreme caution.

Thesis delta

The cancellation does not shift the core STRONG SELL thesis but reinforces it by exposing governance weaknesses and shareholder disinterest that exacerbate existing risks. It adds urgency to the financing and operational challenges, potentially accelerating the timeline for a restructuring event that could render equity worthless. Investors should view this as further validation of the distressed narrative, with no material change to the high probability of permanent capital loss.