Vector Acquisition Corporation (Nasdaq: VACQ) (“Vector”), a publicly traded special purpose acquisition company (SPAC) backed by leading technology investor Vector Capital, has announced that Vector’s shareholders voted to approve the company’s proposed merger with Rocket Lab USA, Inc. (“Rocket Lab” or the “Company”) at the firm’s annual, general meeting of shareholders that was held on August 20, 2021.
Vector also announced that holders of less than 3% of its Class A ordinary shares have properly exercised their right to redeem their shares in connection with the proposed merger. As a result, the gross amount of cash that that the combined company will receive from Vector’s trust account and concurrent PIPE financing upon the closing of these transactions, before transaction expenses, will equal approximately $777 million.
The merger is scheduled to close on August 25, 2021, and the common stock and warrants of the combined company, which will be renamed “Rocket Lab USA, Inc.,” are set to commence trading on the Nasdaq Capital Market on August 25, 2021, under the new ticker symbols, “RKLB” and “RKLBW”, respectively.
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.
“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,” said Alex Slusky, CEO of Vector and Founder and Chief Investment Officer of Vector Capital. “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.”
“This significant milestone accelerates our ability to unlock the full potential of space through our launch and spacecraft platforms,” said Peter Beck, Founder and CEO of Rocket Lab. “With the support of public shareholders, I’m excited to build on our established track record of mission success as we continue to transform the way we use and access space.”
A video detailing the Rocket Lab story is available at this direct link…