SAN JOSE, Calif. - Momentus Inc. (NASDAQ:MNTS), a provider of satellite buses and in-space infrastructure services, has been notified by Nasdaq of non-compliance with its listing rules due to the delayed filing of its annual report. The company did not meet the deadline for submitting its Form 10-K for the year ending December 31, 2023.
The notice, which Momentus received from the Nasdaq Capital Market, does not immediately affect the company's stock listing, which remains active. Momentus has been given 60 days, until June 17, 2024, to file the overdue report or to present a plan to regain compliance with Nasdaq's requirements.
If Nasdaq approves the plan, the company may receive an extension of up to 180 days, or until October 14, 2024, to comply.
Failure to regain compliance within the given timeframe, including any granted extensions, could lead to delisting. Momentus has expressed its intention to file the Form 10-K as soon as possible after completing the necessary preparation and review of its financial statements for the past year.
The delay in filing the annual report has introduced uncertainties regarding Momentus's adherence to regulatory requirements. While the company's objective is to resolve the issue promptly, it has not disclosed the reasons for the delay or the specific steps it will take to address the Nasdaq notice.
This situation is based on a press release statement from Momentus Inc. and does not include any subjective assessments or forward-looking statements from the company. The information presented is intended to provide investors with factual developments concerning Momentus's compliance status with Nasdaq listing rules.
InvestingPro Insights
Momentus Inc. (NASDAQ:MNTS) has recently caught the attention of investors and analysts alike, not just for its compliance issues, but also for its financial performance and market behavior. According to InvestingPro data, the company boasts an impressive gross profit margin of 76.81% for the last twelve months as of Q3 2023, which highlights its efficiency in managing production costs relative to sales.
While the company has demonstrated considerable sales growth, with a revenue increase of 1121.23% in the same period, it is important to note that analysts do not anticipate Momentus to be profitable this year.
This is reflected in the company's negative P/E Ratio, which stands at -0.07 for the last twelve months as of Q3 2023, suggesting that investors are wary of the company's current earnings performance.
Investors should also be aware of the stock's recent performance. Momentus shares have experienced significant volatility, with a price total return of -98.39% over the last year and -17.93% over the last month. This level of price volatility can be a critical factor for risk assessment and investment decisions.
For those looking to delve deeper into Momentus's financial health and future prospects, there are additional InvestingPro Tips available. These include insights on the company's cash burn rate, debt levels, and stock performance over various time frames. Prospective investors can find a total of 15 additional InvestingPro Tips for Momentus on InvestingPro, which could further inform their investment strategy.
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