iRocket is poised to transform the space launch industry with next-generation reusability and advanced propulsion technology for aerospace and defense by making space launch more cost-effective and accessible for the rapidly growing commercial and national security space markets.
"We are more than a rocket company," said Asad Malik, Founder and CEO of iRocket. "Our mission is to secure the future of U.S. defense and space capabilities. We believe that partnering with BPGC Management LP and Wilbur Ross will give us the strategic capital, network and governance to execute our mission at scale. They recognize that iRocket's proprietary design and technologies have the potential to transform the economics and tactical capabilities of space launch, which is essential to national security."
"iRocket represents a rare opportunity to back a company that is both visionary and execution-focused," said The Hon. Wilbur Ross. "The team has developed breakthrough technology, and we believe iRocket is uniquely positioned to serve the U.S. defense industrial base, support allies and drive innovation across space and national security. We look forward to helping the company scale its operations, secure government contracts, and expand globally."
Early iRocket investor Anne Dwane, Co-Founder and General Partner of Village Global LP (backed by Bill Gates, Eric Schmidt and Reid Hoffman), also commented, "We backed iRocket at inception, and have seen Asad and his team relentlessly innovate to dramatically reduce the cost of accessing space for both civilian and defense customers."
Recondition, Reload, and Relaunch iRocket's 100% reusability - based on its patented engine design - enables rapid, low-cost access to space, which is essential for meeting the high-frequency, high-volume demands of LEO constellations. iRocket will dramatically reduce launch costs, while responding to customer's needs and making small satellite constellations and responsive space missions less expensive. This capability supports the growing needs of defense, commercial, and scientific customers for on-demand, tactically responsive access to space. iRocket's reusability delivers a decisive competitive edge in the new space economy, unlocking markets for iRocket that expendable or partially reusable systems cannot profitably serve
The parties have agreed on certain key terms of the proposed business combination and executed a non-binding letter of intent. Under the terms of the letter of intent, iRocket and BPGC would become a combined entity, with iRocket's existing shareholders exchanging their shares in iRocket for equity in the combined public company. The letter of intent contemplates a pre-money equity value of iRocket of $400 million, before potential earnouts based on share price performance. The parties will announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected to occur in the summer of this year, with a closing anticipated before year end.
No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to the completion of due diligence, the negotiation of a definitive agreement providing for the proposed business combination, satisfaction of the conditions negotiated therein, board and equity holder approval, regulatory approvals, and other customary conditions.
Cohen and Company Capital Markets, a division of J.V.B. Financial Group, LLC is serving as the exclusive sell side advisor and lead capital markets advisor to iRocket. Greenberg Traurig LLP is serving as legal counsel to iRocket. White and Case LLP is serving as legal counsel to BPGC.
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