spacetoday.net: Rocket Lab to go public through SPAC deal

Posted: Sat, Mar 6, 2021, 10:16 AM ET (1516 GMT)
Electron launch of In Focus mission, October 2020 (Rocket Lab)

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.