Monday, March 1, 2021

Rocket Lab Plans IPO Via SPAC

Long Beach-based rocket developer Rocket Lab is joining the very long list of local technology companies, which is heading towards the public market through a merger with a Special Purpose Acquisition Company (SPAC). Rocket Lab said today that it plans to merge with Vector Acquisition Corproation, becoming a publicly traded company which will trade on the Nasdaq as RKLB. According to Rocket Lab, the deal will give it an implied pro forma enterprise value of $4.1 billion, with approximately $750 million in cash at close. The reverse merger includes $470M in PIPE investments from 39 total investors, including Vector capital, BlackRock, nd Neuberger Berman. Rocket Lab said it expects the deal to be complete by Q2 of 2021. Rocket Lab is a develops of rockets which launch small satellites into space.