Shareholders at a Vector Capital-backed blank check company approved Friday the proposed combination with Rocket Lab USA and both parties expect the merger to close Wednesday, Aug. 25.
Holders of less than 3 percent of Class A ordinary shares at Vector Acquisition (Nasdaq: VACQ) have moved to redeem their shares with regard to the transaction, the companies said in a joint statement Friday.
The combined company will operate as Rocket Lab USA and is expected to receive approximately $777 million in gross proceeds from Vector’s trust account and concurrent private investment in public equity financing upon the deal’s closing.
“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.
Rocket Lab is set to list its common stock and warrants on Nasdaq using the ticker symbols “RKLB” and “RKLBW,” respectively, Wednesday.
Rocket Lab, a Long Beach, California-based launch and space systems provider, struck a merger deal with the special purpose acquisition company in March as part of efforts to go public.
