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Rocket Labs stock tumbles on first day under new name, ticker

The company now named Rocket Lab USA Inc. didn't get a warm reception on Nasdaq, even after Chief Executive Peter Beck rang the Nasdaq's Opening Bell, as the previously announced merger between special purpose acquisition company (SPAC) Vector Acquisition Corp., with a previous ticker of "VACQ," and Rocket Lab was completed. Shares of the spacecraft and rockets builder, under the new ticker symbol "RKLB," tumbled 11.7% in morning trading, after they soared 15.6% over the past three days to close Tuesday at the highest price since March 31. Rocket Lab said Wednesday that it will receive $777 million in proceeds as the merger is completed, which it plans to use to accelerate growth in its space systems business. Meanwhile, shares of space travel company Virgin Galactic Holdings Inc. (SPCE) slipped 0.6% in morning trading, while the Nasdaq Composite gained 0.1% toward a record and the S&P 500 tacked on 0.1%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

08-25-21 1038ET

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