A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash
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. Interestingly, the SPAC has been depleted of most of its cash after it raised $345 million in its IPO i