<SEC-DOCUMENT>0001193125-21-211783.txt : 20210901
<SEC-HEADER>0001193125-21-211783.hdr.sgml : 20210901
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ACCESSION NUMBER:		0001193125-21-211783
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vector Acquisition Corp
		CENTRAL INDEX KEY:			0001819994
		STANDARD INDUSTRIAL CLASSIFICATION:	GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3881 MCGOWEN STREET
		CITY:			LONG BEACH
		STATE:			CA
		ZIP:			90808
		BUSINESS PHONE:		714-465-5737

	MAIL ADDRESS:	
		STREET 1:		3881 MCGOWEN STREET
		CITY:			LONG BEACH
		STATE:			CA
		ZIP:			90808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Vector Acquisition Corp
		DATE OF NAME CHANGE:	20200803
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vector Acquisition Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Market Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Steuart Tower, 23rd Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Francisco, CA 94105 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;9, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Jay Ingram </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Vector Acquisition Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Filed June&nbsp;25, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Response dated June&nbsp;25, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;333-257440</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Ingram: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth
the response of Vector Acquisition Corporation (the &#147;<U>Company</U>,&#148; &#147;<U>we</U>,&#148; and &#147;<U>our</U>&#148;) to the comments of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities
and Exchange Commission set forth in your letter, dated July&nbsp;1, 2021, with respect to the above-captioned Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (the &#147;<U>Registration Statement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The text of the Staff&#146;s comment has been included in this letter for your convenience, and we have numbered the paragraph below to
correspond to the number in the Staff&#146;s letter. Captions and page references herein correspond to those set forth in the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed June&nbsp;25, 2021 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to comment 1 and defer resolution at this time. If the PIPE investors are receiving
shares of Vector Delaware, it is not clear how they will then obtain the shares of the registrant if, as you state in your response, the shares received by the PIPE investors will not be exchanged for shares of New Rocket Lab in the registered
offering. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment, and based on the facts and analysis set forth below,
we respectfully advise the Staff that we believe the PIPE transaction has been conducted in accordance with the exemption provided in Section&nbsp;4(a)(2) of the Securities Act of 1933, as amended, and, pursuant to Rule 152 of the Securities Act
(&#147;<U>Rule 152</U>&#148;) should not be integrated with the offering of securities of Rocket Lab and the Company pursuant to the Registration Statement. In this regard, we note that the shares of New Rocket Lab Common Stock that are issued to
investors in the PIPE transaction will be issued following the Second Merger (as defined below) and, accordingly, will constitute &#147;restricted securities&#148; for purposes of Rule 144 of the Securities Act and will be subject to transfer
restrictions pending the registration of the resales of such securities under the Securities Act following their issuance. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;9, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Background </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Business Combination Agreement, the following transactions will occur (collectively, the &#147;<U>Business Combination</U>&#148;): (1) the
Company will deregister as a Cayman Islands company and domesticate in the State of Delaware (the &#147;<U>Domestication</U>&#148;); (2) following the Domestication, the Company will merge with Prestige USA Merger Sub, Inc., a wholly owned
subsidiary of Rocket Lab USA, Inc. (&#147;<U>Rocket Lab</U>&#148; and such merger, the &#147;<U>First Merger</U>&#148;), with the Company surviving the First Merger as a wholly owned subsidiary of Rocket Lab and with the Company&#146;s stockholders
receiving equity securities in Rocket Lab as described in the Registration Statement; and (iii)&nbsp;following the First Merger, Rocket Lab will merge with the Company (the &#147;<U>Second Merger</U>&#148;), with the Company surviving the merger and
with Rocket Lab&#146;s stockholders receiving equity securities in the Company as described in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the
Business Combination, the Company entered into subscription agreements with certain &#147;qualified institutional buyers&#148; (as defined in Rule 144A under the Securities Act) and institutional &#147;accredited investors&#148; (within the meaning
of Rule 501(a) under the Securities Act) (collectively, the &#147;<U>PIPE investors</U>&#148;), pursuant to which the Company will issue to such PIPE investors, and such PIPE investors will purchase from the Company, common stock in a 4(a)(2)
private placement that will close immediately following the effective time of the Second Merger. Based on the representations and warranties made by the PIPE investors in the subscription agreements, the Company has a reasonable basis to believe
that each of the PIPE investors is purchasing the common stock for its own account for investment purposes and not with a view to a distribution. Pursuant to the subscription agreements, the Company is required to register the resale of the common
stock acquired by the PIPE investors following the Closing. None of the PIPE investors were solicited through the use of general solicitation and binding subscription agreements with all of the PIPE investors were entered into concurrently with the
execution of the Business Combination Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the Registration Statement, we sometimes refer to the Company as (a) &#147;Vector Delaware&#148; to
describe the Company as a Delaware corporation following the Domestication and (b) &#147;New Rocket Lab&#148; to describe the Company following the closing of the Business Combination (the &#147;<U>Closing</U>&#148;). We also refer to the shares of
common stock of the Company to be issued in the Second Merger and to be issued to the PIPE investors as the &#147;New Rocket Lab Common Stock&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Applicability of Rule 152 and Availability of 4(a)(2) Exemption </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rule 152 sets forth a comprehensive framework for determining whether two or more offerings are to be treated as one for the purpose of registration or
qualifying for an exemption from registration under the Securities Act. Rule 152(b) sets forth four <FONT STYLE="white-space:nowrap">non-exclusive</FONT> safe harbors from integration, including the safe harbor set forth in Rule 152(b)(3), which
provides that an offering for which a registration statement under the Securities Act has been filed will not be integrated if it is made subsequent to (i)&nbsp;a terminated or completed offering for which general solicitation is not permitted;
(ii)&nbsp;a terminated or completed offering for which general solicitation is permitted made only to qualified institutional buyers and institutional accredited investors; or (iii)&nbsp;an offering for which general solicitation is permitted that
terminated or completed more than 30 calendar days prior to the commencement of the registered offering. Assuming that none of the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> safe harbors provided in Rule 152(b) are applicable, Rule 152(a)
provides that offers and sales will not be integrated if, based on the particular facts and circumstances, an issuer can establish that each offering either complies with the registration requirements of the Securities Act, or that an exemption from
registration is available for a particular offering. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;9, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registration Statement registers the securities of Rocket Lab to be issued to stockholders of the Company
in connection with the First Merger, as well as the securities of the Company to be issued to stockholders of Rocket Lab in connection with the Second Merger. As described above, we expect that the PIPE investors will become stockholders of the
Company immediately following the effective time of the Second Merger, and that the shares to be acquired by the PIPE investors will be registered for resale following the Closing. We believe that the safe harbor set forth in Rule 152(b)(3)(i) is
applicable when determining whether the PIPE and the public offering of shares in connection with the Business Combination should be integrated. Because the Company entered into binding commitments to sell the PIPE shares (subject only to conditions
outside of the PIPE investors&#146; control) and the Company and its agents ceased efforts to make further offers to sell the Company&#146;s common stock in the PIPE prior to the commencement of the offering of securities pursuant to the
Registration Statement, we do not believe that the two offerings should be integrated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Conclusion </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given the transaction steps outlined above, we respectfully advise the Staff that the PIPE investors will not have their shares exchanged for shares of the
Company registered pursuant to the Registration Statement. As a result, we believe that we may rely on the 4(a)(2) exemption in connection with the PIPE and such offering will not be integrated with any subsequent public offering, including the
public offering contemplated by the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
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Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;9, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you for your attention to this response. If you have any questions related to this
letter, please contact Debbie Yee at (713) <FONT STYLE="white-space:nowrap">836-3630</FONT> of Kirkland&nbsp;&amp; Ellis LLP. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>Vector Acquisition Corporation</B></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alex Slusky</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Name: Alex Slusky</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title: Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Via <FONT STYLE="white-space:nowrap">E-mail:</FONT> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Debbie Yee, P.C., Kirkland&nbsp;&amp; Ellis LLP </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sean T. Wheeler, P.C., Kirkland&nbsp;&amp; Ellis LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Daniel Adams, Goodwin Procter LLP </P>
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