Transaction to Close on August 25, 2021
Combined Company to be Renamed "Rocket Lab USA,
Inc.”
Common Stock and Warrants to Commence Trading
on Nasdaq as “RKLB” and “RKLBW”, on August 25, 2021
Gross proceeds to Rocket Lab of $777 million
expected, combining funds held in Vector’s trust account and
concurrent PIPE financing
Vector Acquisition Corporation (Nasdaq: VACQ) (“Vector”), a
publicly traded special purpose acquisition company backed by
leading technology investor Vector Capital, today announced that
Vector’s shareholders voted to approve its proposed merger with
Rocket Lab USA, Inc. (“Rocket Lab” or the “Company”), a global
leader in launch and space systems, at its annual general meeting
of shareholders 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.
“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 & 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.”
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.
About Rocket Lab
Rocket Lab is a global leader in space, building rockets and
spacecraft that make it easier to get to orbit and to do amazing
things there. Founded in 2006, Rocket Lab provides end-to-end
mission services that provide frequent and reliable access to space
for civil, defense, and commercial markets. Headquartered in Long
Beach, California, Rocket Lab designs and manufactures the Electron
launch vehicles and Photon satellite platform and is developing the
Neutron launch vehicle. Since its first orbital launch in January
2018, Rocket Lab’s Electron launch vehicle has become the second
most frequently launched U.S. rocket annually and has delivered
more than 100 satellites to orbit for private and public sector
organizations, enabling operations in national security, scientific
research, space debris mitigation, Earth observation, climate
monitoring, and communications. Rocket Lab has two launch sites,
including a private orbital launch site located in New Zealand, and
a second launch site in Virginia, USA expected to be operational by
the end of 2021. Rocket Lab’s Photon spacecraft platform has been
selected to support NASA missions to the Moon and Mars, as well as
the first private commercial mission to Venus. To learn more, visit
www.rocketlabusa.com.
About Vector
Vector (Nasdaq: VACQ) is a blank check company led by veteran
technology investor Alex Slusky. In addition to serving as CEO of
Vector, Mr. Slusky is Founder and Chief Investment Officer of
Vector Capital, a private investment firm focused on the technology
sector. He has more than 25 years of experience investing in and
operating private and public technology companies as well a deep
understanding of trends, market cycles, vertical expertise, and the
proven ability to identify, diligence, structure, and transform
technology businesses. The company leverages the full resources of
Vector Capital to transform operations and accelerate growth of its
target investments. For additional information, visit
https://www.vectorcapital.com.
Forward-Looking Statements
This press release may contain certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, including statements regarding Vector’s, Rocket
Lab’s or their respective management teams’ expectations, hopes,
beliefs, intentions or strategies regarding the future. The words
“anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”,
“intends”, “may”, “might”, “plan”, “possible”, “potential”,
“predict”, “project”, “should”, “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. These
forward-looking statements are based on Vector’s and Rocket Lab’s
current expectations and beliefs concerning future developments and
involve a number of risks, uncertainties (some of which are beyond
Vector’s or Rocket Lab’s control) or other assumptions. Many
factors could cause actual future events to differ materially from
the forward-looking statements in this press release, including but
not limited to: (i) the failure to satisfy the conditions to the
consummation of the merger or the PIPE financing or the occurrence
of any event, change or other circumstance that could give rise to
the termination of the merger agreement governing the merger or
subscription agreements governing the PIPE financing and (ii)
potential delays in the certification of Rocket Lab’s flight
termination system software by NASA, which could delay the timing
of when our second launch site becomes operational. There can be no
assurance that the future developments affecting Vector, Rocket Lab
or any successor entity of the merger will be those that we have
anticipated. Except as required by law, Vector and Rocket Lab are
not undertaking any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
For downloadable assets, please visit:
www.rocketlabusa.com/mediaimages.
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version on businesswire.com: https://www.businesswire.com/news/home/20210820005293/en/
Rocket Lab Morgan Bailey media@rocketlabusa.com
FTI Consulting Antonia Gray RocketLab@fticonsulting.com
Vector Acquisition Corporation Nathaniel Garnick/Grace
Cartwright Gasthalter & Co. (212) 257-4170
vector@gasthalter.com
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