VACQU - SPAC Vector Acquisition gains as Rocket Lab USA deal confirmed
SPAC Vector Acquisition (VACQU) jumped 17% in premarket after confirming that its agreed to a deal with Rocket Lab USA, which will given the combined company a prof forma enterprise value of $4.1b.A group institutional investors have committed to participate in the transaction through a PIPE of approximately $470m, with 39 total investors including Vector Capital, BlackRock and Neuberger Berman, according to a statement.The transaction is expected to be completed in 1Q and Vector will change its name to Rocket LAB USA and combined company will trader under ticker RKLB.Rocket Lab forecasts that it will generate positive adjusted EBITDA in 2023, positive cash flows in 2024 and more than $1b in revenue in 2026. The transaction is expected to result in pro forma cash on the balance sheet of approximately $750m.Last night, SPAC Vector Acquisition nears deal to take Rocket Lab public, WSJ says.
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SPAC Vector Acquisition gains as Rocket Lab USA deal confirmed