Inactive Instrument

VECR ACQU

Equities

VACQ

KYG9442R1267

VECTOR ACQUISITION CORP : Non-Reliance on Previous Financials, Audits or Interim Review (form 8-K)

May 03, 2021 at 01:52 pm

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On April 12, 2021, the staff of the Securities and Exchange Commission (the "SEC") issued a public statement entitled "Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies" ("SPACs") (the "Statement"). In the Statement, the SEC staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC's balance sheet as opposed to equity. Since September 29, 2020 (the "IPO date"), Vector Acquisition Corporation (the "Company") has accounted for its outstanding warrants ("Warrants") to purchase ordinary shares as equity within its financial statements. However, as a result of the Statement, and after discussion and evaluation, including with the Company's independent auditors, the Company has concluded that the Warrants should be presented as liabilities on its financial statements as of the IPO date reported at fair value with subsequent fair value re-measurement at each reporting period.

On April 29, 2021, the Audit Committee of the Board of Directors of the Company (the "Audit Committee"), based on the recommendation of and after consultation with management, concluded that its audited financial statements for the period from July 28, 2020 (Inception) through December 31, 2020 as included in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2021 (the "Original 10-K"), its unaudited interim financial statements for the period from July 28, 2020 (Inception) through September 30, 2020 as included in the Company's Quarterly Report on Form 10-Q filed with the SEC on November 16, 2020 and its audited balance sheet as of September 29, 2020 included in the Company's Current Report on Form 8-K filed with the SEC on October 5, 2020 (the "Non-Reliance Periods"), should no longer be relied upon due to changes required to reclassify the Warrants as liabilities to align with the requirements set forth in the Statement. The Audit Committee has discussed this approach with its independent registered public accounting firm, WithumSmith+Brown, PC ("Withum"), and prepared an amendment (the "Amended Form 10-K") to the Original Form 10-K reflecting the reclassification of the Warrants for the Non-Reliance Periods. Concurrently with the filing of this Current Report on Form 8-K, the Company is filing the Amended Form 10-K which includes restated financial statements that reflect the revised valuation of the Warrants.

Latest news about VECR ACQU

Social Buzz: Wallstreetbets Stocks Mixed Pre-Bell Tuesday; Space Company Rocket Lab Gets Added to the Mix	31/08/21	MT
Vector Acquisition : Rocket Lab Closes Merger With Vector Acquisition to Become Publicly Traded Company	25/08/21	MT
Vector Acquisition Corporation(NasdaqCM:RKLB) added to NASDAQ Composite Index	25/08/21	CI
Rocket Lab USA Inc. completed the acquisition of Vector Acquisition Corporation from a group of shareholders in a reverse merger transaction.	24/08/21	CI
Vector Acquisition Corporation(NasdaqCM:VACQ) dropped from NASDAQ Composite Index	24/08/21	CI
Vector Acquisition : Rocket Lab Gets NASA Nod for Mars Mission, to Start Manufacturing Two Photon Spacecraft	23/08/21	MT
Vector Acquisition : Shareholders Approve Merger With Rocket Lab	20/08/21	MT
Vector Acquisition : Varda to Supply Three Photon Spacecraft for Space Manufacturing Missions Under Deal with Rocket Lab	11/08/21	MT
Vector Acquisition Corporation Reports Earnings Results for the Second Quarter Ended June 30, 2021	03/08/21	CI
Vector Acquisition Corporation Reports Earnings Results for the First Quarter Ended March 31, 2021	24/05/21	CI
Certain Class B Common Stock of Vector Acquisition Corporation are subject to a Lock-Up Agreement Ending on 24-MAR-2021.	23/03/21	CI
Vector Acquisition : Rocket Lab USA to Become Nasdaq-Listed Company Via Merger With Vector Acquisition	01/03/21	MT
Vector Acquisition : Rocket Lab to Trade Publicly Upon Merger With Vector Acquisition	01/03/21	MT
Vector Acquisition : Rocket Lab set to launch publicly in $4.1 bln SPAC merger	01/03/21	RE
Vector Acquisition : Rocket Lab to go public via $4.1 bln SPAC merger	01/03/21	RE
Vector Acquisition : Rocket Lab nears merger deal with a SPAC to go public - WSJ	01/03/21	RE
Rocket Lab Reportedly Nears Deal to Merge with Vector SPAC	01/03/21	CI
Rocket Lab USA Inc. entered into a definitive merger agreement to acquire Vector Acquisition Corporation from a group of shareholders for $1.6 billion in a reverse merger transaction.	28/02/21	CI
Vector Acquisition Corporation(NasdaqCM:VACQ) added to NASDAQ Composite Index	30/11/20	CI
Vector Acquisition Corp. announced that it has received $8 million in funding from Vector Acquisition Partners, L.P.	28/09/20	CI
Vector Acquisition Corporation has completed an IPO in the amount of $300 million.	24/09/20	CI
Vector Acquisition Corp. announced that it expects to receive $8 million in funding from Vector Acquisition Partners, L.P.	23/09/20	CI
Vector Acquisition Corporation has filed an IPO in the amount of $300 million.	08/09/20	CI

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Vector Acquisition Corporation is a blank check company. The Company is created for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. It focuses to identify, acquire and operate a business in the technology and technology-enabled services sector. The Company has no operations and has not generates any revenues.

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