There’s a reusable rocket company coming soon to Wall Street.

What’s happening:

  • Innovative Rocket Technologies has entered into a business combination agreement with BPGC Acquisition Corp (NYSE: ROSS)

By the numbers:‍

  • The new SPAC deal values Innovative Rocket Technologies at $400M USD

Why it matters:‍

  • Innovative Rocket Technologies has developed leading edge reusable rockets that leverage proprietary liquid oxygen and methane propulsion systems and patented reusable engine designs to enable cost efficient launches into orbit

Going deeper:‍

  • Innovative Rocket Technologies has previously landed multiple notable government contracts and partnerships focused on reusable rockets, including with the United States Space Force and the Air Force Research Laboratory
  • BPGC Acquisition Corp is backed by legendary American entrepreneur Wilbur Ross, who previously was the United States Secretary of Commerce

The fine print:‍

  • BPGC Acquistion Corp initially raised $345M USD upon listing on the New York Stock Exchange but has experienced significant redemptions from investors and currently only has a cash position of $1.6M USD

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