Get the latest tech news
A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash
iRocket is aiming to hit the public markets but the SPAC vehicle has hardly any cash left.
An unproven small launch startup is partnering with a severely depleted SPAC trust to do the impossible: go public in a deal they say will be valued at $400 million. Innovative Rocket Technologies Inc.(iRocket) and BPGC Acquisition Corp., a special purpose vehicle company founded by former Commerce Secretary Wilbur Ross, is aiming to close the transaction in the fourth quarter of this year. The startup, iRocket, was at one time buzzy because it was backed by venture capital firm Village Global which counts billionaires like Bill Gates, Eric Schmidt, and Reid Hoffman among its limited partners.
Or read this on TechCrunch