For a fourth day running, shares of special purpose acquisition vehicle Stable Road Acquisition Corporation (NASDAQ:SRAC) are rocketing higher Monday. In fact, at $17.14 a share at 1:25 p.m. EST on Monday, Stable Road stock has gained 29% in the past four trading days.
To figure out why this is happening, though, you need to understand that Stable Road isn't really the story here. Momentus is.
Momentus is the name of the privately held space transportation company that Stable Road plans to bring public in a reverse-merger IPO sometime early next year. And last week, Momentus had some good news to report.
Specifically, the company has signed a deal with Canadian space company Canadensys, to provide space tug services by towing a small Canadensys satellite into low lunar orbit. The mission in question won't take place until 2023 or 2024, and Momentus hasn't even completed building the Ardoride space tug that will perform the work just yet. But even so, news of the contract was enough to lift Stable Road stock higher last week -- and that Momentus momentum is continuing into this week.
Hoping to keep that momentum going, on Friday Momentus announced that it will be participating in a "Truist Securities Industrials and Services Summit" tomorrow. No details on what Momentus might say at that summit have been revealed, but it's possible investors today are betting on something... momentous.
Tune in tomorrow to see if they get their wish.