Iridium Shareholders Overwhelmingly Approve $54/Share Rocket Lab Acquisition
IRDM has more than doubled off its 52-week low of $15.645 on light trading volume (0.4× avg).
Summary
Iridium stockholders approved the Rocket Lab acquisition with 99.6% of votes cast in favor, representing 81.0% of outstanding shares. This clears a major hurdle toward closing the $54.00 per share cash-and-stock deal, which was announced in June. The transaction is now expected to complete by mid-2027, pending regulatory approvals. The vote removes uncertainty around shareholder support and shifts focus to regulatory clearance. Rocket Lab (RKLB) will issue stock as part of the consideration, making its share price a factor in the final value received by Iridium holders.
Updates
· SEC 8-K — Iridium filed an 8-K reporting final vote tallies: 85,862,105 for, 318,415 against, 67,862 abstained on the merger proposal; golden parachute compensation approved with 74,461,703 for.
At the time of this announcement, IRDM was trading at $48.89 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $15.65 to $57.18. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: PR Newswire.