Summary
Vector Acquisition Corporation (VACQ), operating as a special purpose acquisition company (SPAC), filed its Form 10-Q for the quarter ended June 30, 2021. As of this filing date, the company had not commenced any operations and its activities were limited to formation, its initial public offering (IPO), and identifying a target for a business combination. The IPO, which closed in September 2020, raised $300 million in gross proceeds, with an additional $20.4 million from an over-allotment option exercise. These proceeds, along with those from private placement warrants, were primarily held in a trust account, invested in U.S. government securities. The company's primary objective is to complete a business combination with an operating company. Crucially, Vector Acquisition Corporation announced on March 1, 2021, its entry into a Merger Agreement with Rocket Lab USA, Inc. The proposed business combination, expected to close in the third quarter of 2021, involves a series of mergers and a domestication to Delaware. A concurrent PIPE financing of $467 million from the sale of New Rocket Lab common stock was also arranged. As of June 30, 2021, the company had incurred net losses primarily due to formation and operating expenses, and changes in the fair value of warrant liabilities. The company stated it has access to funds from its sponsor to meet working capital needs for the next year.
Financial Highlights
40 data points| Revenue | $11.28M |
| Cost of Revenue | $8.82M |
| Gross Profit | $2.46M |
| R&D Expenses | $8.53M |
| SG&A Expenses | $7.07M |
| Operating Expenses | $15.60M |
| Operating Income | -$13.13M |
| Net Income | -$16.66M |
| EPS (Basic) | $-0.21 |
| EPS (Diluted) | $-0.21 |
| Shares Outstanding (Basic) | 78.96M |
| Shares Outstanding (Diluted) | 78.96M |
Key Highlights
- 1Vector Acquisition Corporation (VACQ) is a SPAC and has not commenced operations; its purpose is to find a target for a business combination.
- 2The company completed its IPO in September 2020, raising $300 million, with additional proceeds from private placement warrants.
- 3The majority of IPO proceeds are held in a trust account, invested in U.S. government securities, to be used for the business combination.
- 4VACQ has entered into a merger agreement with Rocket Lab USA, Inc., with the business combination expected to close in Q3 2021.
- 5A concurrent PIPE financing of $467 million is planned to support the Rocket Lab business combination.
- 6The company reported a net loss for the quarter ended June 30, 2021, primarily due to operating expenses and changes in warrant liabilities.
- 7VACQ has access to sponsor funds for working capital needs for the next year, mitigating immediate liquidity concerns.