Rocket Lab’s common stock to commence trading
on the Nasdaq under the ticker “RKLB” on August 25, 2021
Gross proceeds to Rocket Lab totaled $777
million, combining funds held in Vector Acquisition Corporation's
trust account and concurrent PIPE financing
Transaction proceeds expected to accelerate
growth in the space systems market, fund the development of the new
reusable, 8-ton payload class Neutron rocket, and support further
organic and inorganic growth in the Space Systems ecosystem and
potential future space applications initiatives to deliver data and
services from space
Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or the
“Company”), a global leader in launch services and space systems,
today announced that it completed its previously announced merger
with Vector Acquisition Corporation (Nasdaq: VACQ) (“Vector”) to
take Rocket Lab public. Vector’s shareholders approved the merger
at an annual general meeting of Vector’s shareholders on August 20,
2021. The combined company will retain the Rocket Lab USA, Inc.
name and will commence trading on the Nasdaq Capital Market on
August 25, 2021, with its common stock and warrants trading under
the new ticker symbols, “RKLB” and “RKLBW”, respectively.
The gross amount of cash that Rocket Lab will receive from
Vector’s trust account and PIPE financing that closed substantially
concurrently with the merger, before transaction expenses, equals
approximately $777 million. The proceeds are expected to accelerate
organic and inorganic growth in Rocket Lab's space systems
business, drive the development of the Company’s reusable 8-ton
payload class Neutron rocket, and support potential future
expansion into space applications enabling Rocket Lab to deliver
data and services from space.
“Our team is motivated by the enormous impact we can have on
Earth by making it easier to get to space and to do incredible
things there. We are excited to be making that a reality by
embarking on our next chapter as a public company,” said Rocket Lab
founder and Chief Executive Officer, Peter Beck. “With our Electron
rocket and Photon spacecraft, we’ve simplified space, making it
easy and affordable for companies, scientists, governments, and
entrepreneurs alike to get their ideas to orbit. Today, we take the
next step toward unlocking the full potential of space, paving the
way for our larger Neutron launch vehicle which will deploy the
constellations of the future, and supporting our potential future
expansion into space applications. I am thrilled to declare space
open for business.”
“As a leader in democratizing access to space, Rocket Lab is
well positioned to capitalize on exciting opportunities in
commercial and government-sponsored space industry innovation,”
said Alex Slusky, CEO of Vector and Founder & Chief Investment
Officer of Vector Capital. “We are confident in Rocket Lab’s
ability to deliver outstanding performance and reliability to drive
long-term value for shareholders.”
Mr. Beck will continue to lead the combined company. Mr. Slusky
will join the Board of Directors of the combined company alongside
existing Directors Sven Strohband of Khosla Ventures, David Cowan
of Bessemer Venture Partners, Matt Ocko of DCVC, Mike Griffin,
Merline Saintil and Jon A. Olsen.
As a public company, Rocket Lab’s position as a leader in
end-to-end space services spanning launch, spacecraft manufacture,
and on-orbit spacecraft management is further strengthened. Since
Rocket Lab’s first orbital launch in 2018, the Company’s innovative
Electron launch vehicle has become the second most frequently
launched U.S. rocket annually. To date, Rocket Lab has delivered
105 satellites to orbit for more than 20 public and private-sector
organizations and technology-leading constellation operators.
Rocket Lab’s customer base is evenly split across government and
commercial organizations including the National Aeronautics and
Space Administration (NASA), the National Reconnaissance Office
(NRO), and the Defense Advanced Research Projects Agency (DARPA),
as well as commercial satellite leaders.
Rocket Lab has an established space systems business that
develops satellite and spacecraft solutions for a range of
commercial and government missions, from low-Earth orbit
constellations to high-complexity deep space and interplanetary
missions. Rocket Lab’s Photon spacecraft family delivers a
satellite-as-a-service solution that eliminates the typical high
cost, time and complexity customers face when building their own
satellites. With Rocket Lab, customers can buy a launch, satellite,
ground services and on-orbit management as a turn-key package,
resulting in a disruptive reduction in cost and time to orbit.
Rocket Lab has two operational Photons on orbit, with additional
missions to the Moon, Mars and Venus planned, including the
CAPSTONE mission to lunar orbit in support of NASA’s Artemis
program.
Morgan Stanley & Co. LLC is serving as sole financial
advisor to Rocket Lab, with Goodwin Procter LLP serving as legal
counsel to the Company. Morgan Stanley & Co. LLC is also acting
as the lead placement agent for Vector on the PIPE and capital
markets advisor. Deutsche Bank Securities is serving as sole
financial advisor and capital markets advisor to Vector as well as
placement agent on the PIPE, with Kirkland & Ellis LLP serving
as legal advisor. Canaccord Genuity, Cowen and Stifel also acted as
capital markets advisors to Vector.
To celebrate the completion of the business combination, Rocket
Lab will be ringing the Nasdaq opening bell at 9:30 a.m. ET on
August 25, 2021. A live stream of the event and replay can be
accessed by visiting www.rocketlabusa.com/live-stream
About Rocket Lab USA, Inc.
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 105
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 Acquisition Corporation (Nasdaq: VACQ) is a blank check
company led by veteran technology investor Alex Slusky. In addition
to serving as CEO of Vector Acquisition Corp., 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 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 Rocket Lab’s current
expectations and beliefs concerning future developments and involve
a number of risks, uncertainties (some of which are beyond 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)
Rocket Lab’s future plans regarding the proceeds from the merger
and PIPE financing, including the number of Vector shareholders, if
any, that exercise appraisal rights in connection with the merger,
(ii) factors impacting the development of the Neutron launch
vehicle and Rocket Lab’s ability to drive growth in its space
systems business, and (iii) 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 Rocket Lab or any successor entity of the merger will be
those that we have anticipated. Except as required by law, Rocket
Lab is not undertaking any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210825005365/en/
Rocket Lab Contacts: For Investor Relations inquiries
please contact: Adam Spice – Chief Financial Officer
investors@rocketlabusa.com
For Media Inquiries please contact: Morgan Bailey – Director of
Communications media@rocketlabusa.com
Antonia Gray - FTI Consulting RocketLab@fticonsulting.com
Vector Acquisition Corporation: Nathaniel Garnick/Grace
Cartwright Gasthalter & Co. (212) 257-4170
vector@gasthalter.com
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