Rocket Lab USA, Inc. filed this Amendment No. 3 to its Schedule 13D (originally filed Sep 2021) on Jan 10, 2025, reporting a material event on Jan 7, 2025: the Company issued 50,951,250 shares of newly designated Series A Convertible Participating Preferred Stock to Equatorial Trust in exchange for the Trust's 50,951,250 common shares. Peter Beck, CEO and a director of the Trust's trustee (Peek Street Equatorial Trustee Ltd), along with directors Kerryn Beck and Warren Butler, share voting and dispositive power over the Trust's holdings; Beck also holds 355,218 RSUs convertible within 60 days. Percentages calculated on 499,911,078 common shares outstanding per Nov 2024 10-Q. No other transactions in past 60 days. This restructures Beck's stake while maintaining beneficial ownership near 10.2%, aligning with Rocket Lab's space launch business where founder control is key.

For Rocket Lab investors, this exchange preserves CEO Peter Beck's ~10% beneficial ownership and influence without issuing new shares or diluting common holders. Near-term, no shift in control; strategically, convertible participating preferred may offer Beck liquidation/dividend preferences, reinforcing long-term alignment. Monitor preferred conversion triggers, future 13D amendments, updated share count in upcoming filings, and any preferred rights impacting governance or M&A.