Rocket Lab, the Long Beach company that has taken on SpaceX in the race to provide small satellite launches, is set to go public next week. Though it first announced its plans for an IPO back in March, its merger with Vector Acquisition Corp. was approved by shareholders on Friday, essentially putting the deal in motion. The company will trade on the NASDAQ beginning Aug. 25 under the ticker symbols RKLBW and RKLB.
🎶 Universal Music Group has reached a licensing deal with UK-based kids music label, Moonbug Music.
⬆️ Snap has poached former Facebook executive Konstantinos Papamiltiadis to be its new vice president of platform partnerships.
🍵 L.A.-based beverage investment firm First Bev has acquired a controlling stake in the kombucha company Health-Ade.
💸 In the face of a lawsuit, hedge fund billionaire Bill Ackman may unwind his special purpose acquisition company, Pershing Square Tontine Holdings.
📺 Six in 10 internet-connected TVs in the U.S. are opting for free, ad-supported streaming services, with 24% of them using the configuration daily.
A Brief History of Rocket Lab's Highs and Lows
Rocket Lab's road to Wall Street has not been without its bumps. In an investor presentation filed Aug. 18, the Long Beach-based rocket company revealed just how tough it has been to sustain its reusable rocket, called Electron, and take on SpaceX CEO Elon Musk.
As the market for satellite launches gets more crowded, Rocket Lab has also had to overcome its losses over the last few years. The company lost $55 million last year and $30.4 million the year before. Its IPO could not come at a better time.
VidCon 2021 Is Cancelled
VidCon2021 has been canceled due to heightened concerns over COVID-19, the delta variant and California's health and safety mandates. Organizers say the conference will return to Anaheim in June 2022.
Electric Vehicle Maker Xos Goes Public
Electric vehicle maker Xos, based in Atwater Village, made an underwhelming Wall Street debut on Friday, after shareholders approved its $2 billion merger this week with blank-check company NextGen Acquisition Corp.