A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash

The article discusses a troubled SPAC (Special Purpose Acquisition Company) that plans to acquire iRocket, a space technology company, for $400 million. However, the SPAC has already returned most of its cash to investors, raising concerns about its ability to complete the acquisition. iRocket, which develops reusable rockets for small satellite launches, is seeking to go public through this SPAC merger. The SPAC, which raised $300 million in its initial public offering, has returned around $275 million to its shareholders, leaving it with limited funds to finance the $400 million acquisition. The article highlights the challenges faced by the SPAC, which is struggling to secure the necessary financing for the deal. It also raises questions about the viability of the transaction and the future prospects of iRocket as a publicly-traded company. The article provides a concise summary of the key facts, focusing on the SPAC's financial situation and the potential impact on iRocket's plans to go public. The information is presented in an unbiased manner, allowing the reader to draw their own conclusions about the situation.