Rocket Lab to go public through SPAC deal
Posted: Sat, Mar 6, 2021, 10:16 AM ET (1516 GMT)
Rocket Lab announced Monday it is merging with a special-purpose acquisition company (SPAC) and developing a larger vehicle. Rocket Lab said it will merge with Vector Acquisition Corp., a SPAC founded by venture capital fund Vector Capital. The merger will provide Rocket Lab with up to $320 million from Vector and an additional $470 million from a concurrent investment round. The deal is scheduled to close in the second quarter, turning Rocket Lab into a publicly traded company on the Nasdaq exchange. That funding will support development of a medium-class vehicle called Neutron that the company says is intended to support deployment of megaconstellations and other applications, including potentially human spaceflight. The Neutron, which will have a reusable first stage and be able to place up to 8,000 kilograms into orbit, is slated to make its first launch in 2024 from Wallops Island, Virginia.
Rocket Lab announced Monday it is merging with a special-purpose acquisition company (SPAC) and developing a larger vehicle. Rocket Lab said it will merge with Vector Acquisition Corp., a SPAC founded by venture capital fund Vector Capital. The merger will provide Rocket Lab with up to $320 million from Vector and an additional $470 million from a concurrent investment round. The deal is scheduled to close in the second quarter, turning Rocket Lab into a publicly traded company on the Nasdaq exchange. That funding will support development of a medium-class vehicle called Neutron that the company says is intended to support deployment of megaconstellations and other applications, including potentially human spaceflight. The Neutron, which will have a reusable first stage and be able to place up to 8,000 kilograms into orbit, is slated to make its first launch in 2024 from Wallops Island, Virginia.
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