Peter Beck will Retain 12.2% stake in Rocket Lab after NASDAQ Listing12th Jul 2021
Rocket Lab is taking another ambitious step by listing the company on the NASDAQ index. Its founder, Peter Beck, will retain only a 12.2% stake in the company once this occurs in the next couple of months. It will take place through a reverse auction.
The shell company, Vector Acquisition Corporation, is in charge of the auction, which must occur before October. The move is valued at $4.5 billion, and the largest shareholder will be Kholsa Ventures.
Vinod Kholsa is the owner of Kholsa Ventures, which will own a 25.8% stake in Rocket Lab. Vinod Kholsa is also the co-founder of Sun Microsystems.
In terms of salaries and compensation at Rocket Lab, Peter Beck was one of the highest-paid executives in 2020. He drew a salary of $373,434, according to the Vector filing to the USEC (United Securities and Exchange Commission). But, the top earner at the company was Adam Spice, the CEO, who earned $439,347.
Peter Beck Sold Most of His Shares
Peter Beck is no longer the largest shareholder of Rocket Lab. The NASDAQ listing sees Beck’s share percentage drop further to 12.2%. The founder had made steps in the past and present to bring in more investors who will benefit the company.
In 2019, he opted to sell more shares to Greenspring Opportunities. From that deal, he earned a total of $10 million. More details are revealed in the USEC filings by Vector as the company gets ready for NASDAQ.
The shares in this listing will be $10 each, and the company hopes to raise $467 million from it. It has impressive ambitions on the way, which is part of the reason the listing is crucial. Rocket Lab is in the works for developing a large Neutron rocket.