Deal Dynamics: What’s on the Launch Pad
The $400 million valuation is pre-earnout, meaning the ultimate value could soar higher if iRocket meets future performance milestones. A definitive merger agreement is expected by summer, with the deal targeted to close before year-end.
Ross, who will join iRocket’s board post-merger, brings both political clout and Wall Street heft to the deal. His SPAC, originally named Ross Acquisition Corp. II, raised $300 million in a 2021 IPO but was delisted by the NYSE in 2024 after failing to seal a transaction within the required window. This iRocket deal marks a strategic rebound.
SPAC Shakeups and Second Chances
The BPGC SPAC previously pursued a merger with biotech firm Aprinoia in 2023, a deal that later fizzled. That’s hardly unusual in the current SPAC landscape, where dozens of high-profile combinations have collapsed under the weight of financing hurdles and shifting market sentiment.
Blank check companies like BPGC are designed to hunt for merger targets and take them public — but they’re on the clock. If they don’t complete a deal within a set timeframe, they’re forced to return capital to investors, as happened to many during the SPAC boom and bust cycle.
For iRocket, this transaction could be a springboard — or a rocket-fueled gamble. It remains unclear how much cash the startup will actually receive or whether additional fundraising will be necessary to close the loop.
