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Annual Report - March 31, 2021
FY2020 Net Loss: $0.35M; $320M trust balance post-IPO.
Financial Metrics
Brief
Vector Acquisition, a blank check company, generated no revenue in FY2020 with a net loss of $0.35M driven by formation costs. Cash position outside trust was $0.87M; $320M held in trust for business combination. Announced merger with Rocket Lab post-period.
Detailed Brief
Vector Acquisition Corporation (VACQ), a Cayman Islands SPAC, reported no revenue for the period July 28, 2020 (inception) to December 31, 2020, as it had no operations. Net loss was $352,617, primarily from formation and operating expenses of $357,463, offset by $4,846 interest from trust investments. Post-IPO (September 2020), $320M (including over-allotment) was placed in trust invested in U.S. Treasuries/money market funds. Cash outside trust: $865,903; prepaid expenses: $366,647. No debt; deferred underwriting $11.2M payable upon business combination. Operational focus: identifying targets; announced March 1, 2021 merger with Rocket Lab (pending approvals), including $467M PIPE. No subsidiaries; clean balance sheet with $5M minimum net tangible assets preserved.
Key Telemetry
- • Trust Balance: $320M (100% of IPO proceeds at $10/share)
- • Net Loss: $0.35M on zero revenue; low cash burn ($0.87M outside trust)
- • IPO: $320M raised; sponsor holds 20% founder shares (Class B)
- • Merger Announced: Rocket Lab deal post-period, $4B enterprise value
- • No Debt: Clean cap table; $11.2M deferred underwriting payable on close
Impact Vector
SPAC structure positions Vector for Rocket Lab merger, providing path to space launch exposure with $320M trust + $467M PIPE for growth. Low burn preserves runway (>24 months); no profitability yet, but Rocket Lab's backlog/ops offer sustainability. Competitive in SPAC market; risks include redemption drag, merger approval. Catalysts: Q2 2021 close; post-merger catalysts from launches/contracts. Investors gain leveraged space play but face execution/dilution risks.