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SAN JOSE, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers satellite buses, transportation and other in-space infrastructure services, today announced it has effectuated a 1-for-14 reverse stock split (the “Reverse Stock Split”) of its Class A common stock (the “Common Stock”) that will become effective on December 12, 2024 at 5:00 p.m. Eastern Time. The Company’s Common Stock will continue to trade on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “MNTS” and will begin trading on a split-adjusted basis at the opening of the market on December 13, 2024. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 60879E309. The Reverse Stock Split was approved by the Company’s stockholders at the special meeting of the stockholders on December 2, 2024. As a result of the Reverse Stock Split, every 14 shares of Common Stock issued and outstanding will be automatically combined into one share of Common Stock. The Reverse Stock Split will proportionately reduce the number of outstanding shares of Common Stock from approximately 31 million shares to approximately 2 million shares and the ownership percentage of each stockholder will remain unchanged other than as a result of fractional shares. The Company’s public warrants trading on Nasdaq under the existing symbol “MNTSW,” and outstanding equity-based awards and shares or share units issued under the Company’s benefit plans, including applicable exercise prices, will be proportionately adjusted. No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. Stockholders that would hold a fractional share of Common Stock as a result of the Reverse Stock Split will have such fractional shares of Common Stock rounded up to the nearest whole share of Common Stock. To effectuate the Reverse Stock Split, the Company filed the Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation, as amended, which was accepted for filing by the Secretary of State of the State of Delaware on December 9, 2024. There will be no change to the total number of authorized shares of Common Stock as set forth in the Second Amended and Restated Certificate of Incorporation of the Company, as amended. Among other considerations, the Reverse Stock Split is intended to bring the Company into compliance with the minimum bid price requirement for maintaining the listing of its Common Stock on Nasdaq, and to make the bid price more attractive to a broader group of institutional and retail investors. Nasdaq requires, among other things, that a listing company’s common stock maintain a minimum bid price of at least $1.00 per share. About Momentus Inc. Momentus is a U.S. commercial space company that offers commercial satellite buses, in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Forward-Looking Statements This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding the expected filing of the Company’s Form 10-K and Form 10-Q and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on June 6, 2024, as amended by that certain Annual Report on Form 10-K/A filed by the Company on September 16, 2024, as such factors may be updated from time to time in our other filings with the Commission, accessible on the Commission’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209629743/en/ CONTACT: For media inquiries: press@momentus.spaceFor investor relations inquiries: investors@momentus.space KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY AEROSPACE MANUFACTURING SATELLITE SOURCE: Momentus Inc. Copyright Business Wire 2024. PUB: 12/09/2024 05:15 PM/DISC: 12/09/2024 05:15 PM http://www.businesswire.com/news/home/20241209629743/enBig-box retailer Best Buy posted weak earnings and sales in the fourth quarter of 2024 as competition in the retail industry intensifies and customers shop around for deals. The decline in same-store sales follows similar declines in recent quarters led by weak appliance and entertainment sales. Products in these categories are susceptible to macroeconomic conditions and competition from brick-and-mortar and online retailers. “During the second half of the quarter, a combination of the ongoing macro uncertainty, customers waiting for deals and sales events, and distraction during the run-up to the election, particularly in non-essential categories, led to softer-than-expected demand,” Corie Barry, the company’s CEO, said in a statement accompanying the release of the company’s financial results. A softer-than-expected demand has led the company to adjust its full-year comparable sales guidance to a decline in the range of 2.5 percent to 3.5 percent, though it maintained its net income guidance. Jason DeLorenzo, a leading expert in options trading and market dynamics, sees Best Buy’s third-quarter report as reflecting the continued decline in goods purchases over the past year. “Except for a large Christmas quarter last year, Best Buy has seen its EPS decline strongly YoY,” he told The Epoch Times via email. “Generally, the decline started in 3Q of 2022 and has gradually declined. Best Buy typically sells luxury gadget-type items that consumers spend less on over the past several years as supply chain and monetary inflation increase. These items have been less in demand.” Wall Street reacted negatively to Best Buy’s report, sending its shares more than 6 percent lower in early morning trade. The company’s shares are up 16 percent for the year, lagging the S&P 500, which has gained 26 percent. Best Buy is one of many retailers reporting disappointing results and blaming a challenging macroeconomic environment and competition. Last week, Target posted financial results that missed analysts’ expectations, and its CEO made similar statements about the current retail environment. Still, Costco, Walmart, and TJX Companies reported solid third-quarter results, suggesting that the problem of weak earnings and sales is company-specific primarily rather than industry-wide. Best Buy’s recent financial performance confirms that the company is undergoing corporate cycles characterized by expansions and contractions as competition invades its home turf. The company was in a down cycle a decade ago, fighting for survival. Amazon’s entry into electronics retailing turned Best Buy’s most essential advantages (location and scale) into a significant disadvantage. Customers often visit Best Buy’s stores to browse their favorite products, only to purchase them at a discount on Amazon’s website. This price competition from Amazon and high operational costs severely impacted Best Buy, resulting in substantial losses. Business experts and Wall Street analysts predicted the eventual decline of the iconic retailer. But it didn’t happen. The big-box retailer survived and thrived due to Renew Blue, an innovative strategy that leveraged the company’s core competencies to revive sales growth. First, it capitalized on a new retail trend: the merging of online and offline sales. Customers order online and stop by one of the company’s stores to pick up the merchandise on the same day. Second, it expanded the scope of Best Buy’s operations and added more products to its stores to address emerging consumer electronics technology trends such as health technology solutions, home theaters, and computing. Third, it rode another retail trend, the development of “stores within stores,” with technology giants such as Microsoft and Samsung setting up stores inside Best Buy locations. Fourth, it effectively deployed Geek Squad, helping the company bundle the sale of electronic devices with services, which Amazon is missing. However, strategies have limitations. They cannot address the cyclical nature of the retail industry or prevent the competition from devising methods to lure customers. For instance, Amazon has expanded its warehouse and logistics and introduced hub lockers to expedite merchandise delivery and returns. Best Buy’s corporate cycles make its shares risky, which could explain why the stock has been underperforming the broader market over the long run. Over the past three years, Best Buy shares have been down 13.5 percent, while the S&P 500 shares have been up 28 percent. Still, Best Buy’s CEO is optimistic about the holiday season that began early this year. “In the first few weeks of Q4, as holiday sales have started and the election is behind us, we have seen customer demand increase again,” she said.Published 4:21 pm Wednesday, November 27, 2024 By Data Skrive The Butler Bulldogs versus the Northwestern Wildcats is one of many compelling options on Thursday in college basketball action — suggested picks against the spread for 10 games are available below. Watch men’s college basketball, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up for a free trial. Bet on this or any men’s college basketball matchup at BetMGM. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. 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CHICAGO, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The Foundation for Sarcoidosis Research (FSR) is proud to announce the recipients of the 2024 FSR Cardiac Sarcoidosis Grant, providing $200,000 in funding to advance groundbreaking research aimed at improving the diagnosis, management, and treatment of cardiac sarcoidosis and doubling FSR’s investment from 2023. FSR has awarded two grants, each in the amount of $100,000, to Dr. Eliot Peyster, MD, MSc, Assistant Professor of Medicine at the University of Pennsylvania, and Dr. Ravi Karra, MD, MHS, Associate Professor of Medicine and Pathology at Duke University. These grants support innovative projects designed to improve diagnostic accuracy and clinical care for cardiac sarcoidosis patients. Dr. Peyster’s research project, Establishing a True Gold Standard for Cardiac Sarcoidosis Diagnosis with Quantitative Multi-marker Immunofluorescence , applies advanced spatial biology techniques to create a new diagnostic gold standard for cardiac sarcoidosis, leveraging quantitative multi-marker immunofluorescence. His expertise spans cardiovascular diseases, heart failure, and translational research, with a focus on adapting cutting-edge technologies to improve patient care. “This generous award from the FSR will enable us to test a novel, modern, and very promising new approach to diagnosing cardiac sarcoidosis,” says Dr. Peyster. “The work we will perform as part of this award has the potential to be practice-changing and will hopefully lead to earlier disease detection and better outcomes for patients.” Dr. Karra’s research project, Repurposing 99mTc-Tilmanocept Imaging for Cardiac Sarcoidosis , focuses on adapting macrophage-specific imaging agents to improve cardiac sarcoidosis diagnosis and monitoring. His translational program at Duke University combines developmental biology and epidemiology to advance early-phase clinical trials and improve care for heart failure patients. “With generous support from the Foundation for Sarcoidosis Research, we are excited to test whether an imaging agent specific to macrophages can be used to better diagnose and follow cardiac sarcoidosis,” says Dr. Karra. “This work is part of a bench-to-bedside approach from my lab and has the potential to address a significant, unmet need in the field of sarcoidosis.” "We are thrilled to support these extraordinary projects through FSR’s Cardiac Sarcoidosis Grant," says Mary McGowan, FSR's CEO. "The insights gained from this research have the potential to revolutionize the diagnosis, outcome evaluation, and treatment strategies not only for individuals with cardiac sarcoidosis but also for a wide range of other inflammatory diseases." FSR is dedicated to accelerating sarcoidosis research through its fellowships, pilot and cardiac grants, and other disease-specific initiatives. To date, FSR has provided more than $7 million in funding to support sarcoidosis research worldwide. To learn more about FSR’s funding opportunities, visit https://www.stopsarcoidosis.org/fsr-grants/ . About Sarcoidosis Sarcoidosis is a rare inflammatory disease characterized by granulomas—tiny clumps of inflammatory cells—that can form in one or more organs. Despite advances in research, sarcoidosis remains challenging to diagnose, with limited treatment options and no known cure. Approximately 175,000 people live with sarcoidosis in the United States. About the Foundation for Sarcoidosis Research The Foundation for Sarcoidosis Research (FSR) is the leading international organization dedicated to finding a cure for sarcoidosis and improving care for those living with the disease through research, education, and support. For more information about FSR and its community programs, visit: www.stopsarcoidosis.org . Media contact: Cathi Davis Director of Communications and Marketing 312-341-0500 A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6e117b7a-964e-442d-b5ed-d7fff74c93b9None
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