On Monday, two companies with out-of-this-world businesses have announced deals to begin trading publicly through SPACs.
SPAC stands for special purpose acquisition company. It’s a nontraditional way for a company to begin trading publicly. The SPAC has an initial IPO and sells shares to raise capital. The capital raised is then used to buy or merge with an existing business.
The SPAC, Vector Acquisition Corporation (NASDAQ: VACQ), announced a deal with Rocket Labs.
Rocket Labs, according to its website, has already launched 97 satellites on 18 separate missions. The company boasts its ability to deliver “small satellites to low Earth orbit at an unprecedented frequency.”
The deal is scheduled to close in the second quarter of 2021 and will trade under the NASDAQ ticker symbol RKLB if approved.
VACQ stock is flying today, up about 48% at its peak.
The other unrelated deal is through the SPAC NavSight Holdings, Inc. (NYSE: NSH), which announced a deal with Spire Global, Inc.
Spire Global, according to its website, “collects, analyzes, and enriches information gathered from [its] custom constellation of satellites.” The company owns and operates satellites and provides data to customers through subscription agreements.
The company serves many industries, including aviation, maritime, and weather forecasting.
This deal is expected to close in the summer of 2021 and trade under the NYSE ticker symbol SPIR.
NSH stock jumped higher today, surging as much as 15% immediately after the market opened.
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