BPGC SPAC to merge with space-launch startup iRocket at $400M equity value

BPGC Acquisition Corp.

iRocket stockholders receive Holdco shares based on Exchange Ratio plus 4M earn-out shares.
Sponsor agrees to vote in favor, waive anti-dilution, and forfeit half unused incentive shares if PIPE < $15M.
Founder Asad Malik gets Class B shares with 9x voting rights subject to ownership thresholds.
Closing conditions include HSR clearance, Nasdaq listing, SEC registration, and shareholder approvals.
Expected closing in Q4 2025; lock-up of 6 months for company stockholders with 15% early sale allowed for sponsor.

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