SPAC Merger Trend Continues
March 1 – Spire Global, Inc. (Spire) announced that it will merge with NavSight Holdings, Inc. The transaction, which values Spire at $1.6b, will produce roughly $475m in new funding, which Spire plans to use to accelerate data-gathering and analysis activities. Shares of the combined company will be traded on the New York Stock Exchange upon closing.
March 1 – Rocket Lab Ltd. (Rocket Lab) announced that it will merge with Vector Acquisition Corp. in a deal that values the launch services provider and smallsat developer at $4.1b. Rocket Lab plans to apply part of the funding produced by the merger – up to roughly $790m – toward development of its Neutron reusable launch vehicle. At closing, shares of the combined company will be traded on the Nasdaq exchange.
March 25 – Redwire, LLC (Redwire) announced that it will merge with Genesis Park Acquisition Corp., following which shares of the combined company Download will be traded on the New York Stock Exchange. The transaction, which values Redwire at $615m, is expected to produce $170m in new funding for the space infrastructure company.