Rocket Lab Goes Public With SPAC Merger
WASHINGTON — Rocket Lab, a developer of launch vehicles and smallsats, will merge with a special-purpose acquisition company (SPAC) to support the development of larger launch vehicles, part of the latest wave of deals to take space companies public.
Rocket Lab announced on March 1 that it will merge with Vector Acquisition Corporation, a SPAC established last year by venture capital fund Vector Capital. The deal is expected to close in the second quarter, with Rocket Lab then traded on the Nasdaq exchange under the ticker symbol RKLB.
The merger will provide Rocket Lab with up to $320 million from Vector Acquisition’s account. In addition, a concurrent private investment in public equity (PIPE) round, led by Vector Capital, BlackRock, and Neuberger Berman, will provide $470 million. The merger will value Rocket Lab at $4.1 billion.
