Rocket Startup Enters $400 Million Deal With Wilbur Ross’ SPAC

Aspiring rocket developer Innovative Rocket Technologies Inc., backed by an investor group funded by a number of technology moguls, announced adeal Wednesday to go public via a $400 million merger with a special purpose acquisition company, or SPAC, backed by Wilbur Ross.

The agreement comes amid a broad resurgence in these reverse mergers and after several space-related backdoor listings flamed out over the past few years.

New York-based iRocket is pairing with BPGC Acquisition Corp., a SPAC sponsored by private equity investor Ross, who served as the US Secretary of Commerce in President Donald Trump’s first ...