Overview

• Innovative Rocket Technologies and SPAC BPGC Acquisition filed a definitive agreement for a $400 million merger on July 23, 2025.
• BPGC’s trust has dwindled to about $1.6 million after shareholder redemptions, prompting an extension of its deal deadline to March 2026 and plans for a private investment in public equity round.
• Cohen & Company Capital Markets is advising iRocket on the transaction, which is set to close in the fourth quarter of 2025 and list the combined company on Nasdaq.
• SPAC mergers have regained traction in 2025 as an alternative to traditional initial public offerings driven by tariff-related trade tensions and broader market volatility.
• iRocket, founded in 2018, has yet to conduct a test flight of its reusable liquid oxygen-methane engines, underscoring its reliance on fresh capital to advance development.