Special Purpose Acquisition Company Vector Acquisition Corp. II Announces Plans for Liquidation
Vector Acquisition Corp. II, a special purpose acquisition company (SPAC), has revealed its decision to forgo an initial business combination and proceed with the redemption and liquidation of all its outstanding public shares. The company stated that the per-share redemption price for the public shares will amount to approximately $10.69, slightly higher than Friday's closing price of $10.64.
March 4 Set as Deadline for Cancellation of Public Shares
Vector Acquisition Corp. II has set March 4 as the deadline for the cancellation of its public shares. After this date, these shares will be deemed canceled and the company will proceed with the liquidation process.
Focus on the Technology and Technology-Enabled Services Sectors
Originally filing for an initial public offering in February 2021, Vector Acquisition Corp. II had expressed its intention to seek a business in the technology and technology-enabled services sectors as its merger partner. Following an upsized IPO, the company's shares began trading in March 2021.
Affiliation with Vector Capital Management
Vector Acquisition Corp. II's sponsor is an affiliate of Vector Capital Management, a private investment firm. Vector Capital Management also had affiliations with the sponsors of Vector Acquisition Corp. III and Vector Acquisition Corp. IV, both of which withdrew their planned IPOs. The first Vector Acquisition Corp. successfully merged with Rocket Lab USA in August 2021.
In conclusion, Vector Acquisition Corp. II has made the strategic decision to liquidate and redeem all its outstanding public shares instead of pursuing an initial business combination. With a focus on the technology and technology-enabled services sectors, the company will cancel its public shares on March 4. This news follows the successful merger of the previous Vector Acquisition Corp. with Rocket Lab USA earlier this year.
Analyst comment
Neutral news: Vector Acquisition Corp. II, a SPAC, will redeem and liquidate its outstanding public shares. The per-share redemption price of $10.69 is slightly higher than Friday’s closing price of $10.64. The market is expected to remain stable as investors will receive their redemption amount.
