On August 20, investors of a special-purpose acquisition company (SPAC) opted to merge with Rocket Lab, providing a cash infusion to the small launch vehicle and spacecraft producer.

At its annual general meeting, Vector Acquisition Corporation’s shareholders adopted a series of motions to merge their SPAC with Rocket Lab. The approval implies that the Vector-Rocket Lab merger will be completed on August 25, and Rocket Lab will begin trading on the Nasdaq underneath the ticker symbol RKLB.

Fewer than 3% of stockholders chose to redeem their shares, culminating in a nearly $9.7 million settlement. Before transaction costs, Rocket Lab will receive $777 million from the SPAC and an existing private investment in the public equity (PIPE) round.

In a statement, Peter Beck, CEO of Rocket Lab, said, “This critical milestone accelerates our capacity to unlock the maximum potential of space via our launch and spacecraft platforms.” “I’m delighted to build on our demonstrated track record of mission achievement as we continue to alter the way we utilize and access space with the backing of public shareholders.”

Rocket Lab revealed the planned merger with Vector on March 1, along with its intention to construct the Neutron medium-class launch vehicle. The money from the sale will be used to boost Neutron’s development.

The funds will also be used to support the company’s Electron rocket as well as Photon satellite bus activities. According to filings filed with the Securities and Exchange Commission, the business recorded a net loss of $55 million in 2020 and, in the first quarter of 2021, recorded a net loss of $15.9 million.

Rocket Lab anticipated sharply growing revenues from its deployment and spacecraft businesses in an investor presentation released in March, with the company obtaining improved adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the year 2023 and favourable unlevered free cash flow, which includes capital expenses, in 2024.

This month, Rocket Lab will be the third space firm to sign a SPAC agreement. Momentus, an in-space transportation business, concluded its SPAC merger and began trading on the Nasdaq on August 13. Spire, an operator of cubesat constellations, completed its merger and began trading on the New York Stock Exchange on August 17. In the days following the mergers, both firms’ stock prices dropped slightly.

The shareholders of two other space companies, BlackSky Geospatial-Intelligence and Redwire Space Components and Manufacturing, will vote on their SPAC mergers in early September.