NOTE 1
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Vector Acquisition Corporation (the Company) is a blank check company incorporated as
a Cayman Islands exempted company on July 28, 2020. The Company was incorporated 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 (a Business Combination).
The Company is not limited to a particular industry or sector for purposes of consummating a
Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of December 31, 2020, the Company had not commenced any operations. All activity for the period from July 28, 2020 (inception) through
December 31, 2020 relates to the Companys formation, the initial public offering (Initial Public Offering), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business
Combination and activities in connection with the proposed acquisition of Rocket Lab USA, Inc., a Delaware corporation (Rocket Lab) (see Note 11). The Company will not generate any operating revenues until after the completion of a
Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
The registration statement for the Companys Initial Public Offering was declared effective on September 24, 2020. On September 29, 2020 the
Company consummated the Initial Public Offering of 30,000,000 units (the Units and, with respect to the Class A ordinary shares included in the Units sold, the Public Shares), at $10.00 per Unit, generating gross
proceeds of $300,000,000 which is described in Note 4.
Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale
of 5,333,333 warrants (the Private Placement Warrants) at a price of $1.50 per Private Placement Warrant in a private placement to Vector Acquisition Partners, L.P. (the Sponsor), generating gross proceeds of $8,000,000,
which is described in Note 5.
In October 2020, the underwriters notified the Company of their intention to partially exercise their over- allotment
option on October 20, 2020. As such, on October 20, 2020, the Company consummated the sale of an additional 2,000,000 Units, at $10.00 per Unit, and the sale of an additional 266,667 Private Placement Warrants, at $1.50 per Private
Warrant, generating total gross proceeds of $20,400,000.
Transaction costs amounted to $18,252,382, consisting of $6,400,000 of underwriting fees,
$11,200,000 of deferred underwriting fees and $652,382 of other offering costs.
Following the closing of the Initial Public Offering on
September 29, 2020 and the underwriters partial exercise of their over-allotment on October 20, 2020, an amount of $320,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the
sale of the Private Placement Warrants was placed in a trust account (the Trust Account) and invested in a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act
of 1940, as amended (the Investment Company Act), as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the
Companys shareholders, as described below.
The Companys management has broad discretion with respect to the specific application of the net
proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net
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