Innovative Rocket Technologies Inc. (iRocket) is partnering with BPGC Acquisition Corp. for a public offering valued at $400 million. BPGC, a SPAC founded by Wilbur Ross, has suffered significant cash depletion, holding only $1.6 million in trust after redemptions. iRocket, founded in 2018, has received minimal venture funding and has not conducted any test flights of its Shockwave launch vehicle. The competitive landscape has shifted with better-funded rivals, making iRocket's move to go public particularly surprising amidst these challenges.
Innovative Rocket Technologies Inc. (iRocket) plans to go public through a merger with BPGC Acquisition Corp., despite significant financial challenges faced by the SPAC.
The SPAC was left with only $1.6 million in trust after substantial redemptions, forcing its sponsors to extend the acquisition target deadline to March 2026.
iRocket has raised only a few million in venture funding since its founding in 2018, which is inadequate in a capital-intensive industry.
The Shockwave launch vehicle has not conducted any test flights, placing iRocket behind competitors like Stoke Space and Firefly.
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