Rocket Lab will receive approximately $777m, before transaction expenses, from the SPAC and a current private investment in public equity (PIPE) round.
Shareholders of a special-purpose acquisition company (SPAC) has voted to merge with Rocket Lab, giving the small launch vehicle and spacecraft developer an infusion of cash.
Vector Acquisition Corporation, a publicly traded special purpose acquisition company backed by technology investor Vector Capital, announced that its shareholders approved a series of motions at its annual general meeting to merge the SPAC with Rocket Lab. The approval means that the merger of Vector with Rocket Lab will close on August 25, at which point Rocket Lab will become a publicly traded company on the Nasdaq under the ticker symbol, RKLB and RKLBW, respectively.
Less than 3% of its Class A ordinary shares have properly exercised their right to redeem their shares in connection with the proposed merger. Rocket Lab will receive approximately $777m, before transaction expenses, from the SPAC and a current private investment in public equity (PIPE) round.
Alex Slusky, CEO of Vector and Founder & Chief Investment Officer of Vector Capital, said: Rocket Lab has created a sustainable, affordable and innovative path to space, a feat once considered nearly impossible. We look forward to further supporting the Company, which is poised to lead the fast-growing space launch, systems and applications markets. This is an important milestone for Vector and Rocket Lab, and we are grateful for our shareholders overwhelming support as Rocket Lab continues its journey to becoming a public company.
Peter Beck, Founder and CEO of Rocket Lab, added: This significant milestone accelerates our ability to unlock the full potential of space through our launch and spacecraft platforms. With the support of public shareholders, Im excited to build on our established track record of mission success as we continue to transform the way we use and access space.
The formal results of the vote will be included in a current report on Form 8-K to be filed by Vector with the Securities and Exchange Commission.