We’ve contacted Jim Cantrell, ex-CEO Vector Launch, and he confirmed that Vector has operating funds, which are going to run dry sometime in September. So survival of the company is based on finding a buyer and new sources of funding.
“I resigned from Vector effectively 9 August 2019. Vector was in the middle of a Series C financing and had ample funds in the bank account. A key investor that led our Series A round pulled support quite unexpectedly from Vector as his partnership ‘no longer believed in investing in the launch sector’. This caused a material change in our bridge financing (debt financing gets pulled) that was in place and because of the WARN act in the US requiring us to give notice to all employees when cash reserves fall under 60 days of operations. The penalties are quite large and potentially criminal for the Board Of Directors so we had no choice but to assume that the bridge financing would get pulled (it was contingent on Sequioia’s support) thus leaving use exposed. We had enough cash to pay employees and shut down operations. I brought an offer to the board for emergency financing that would have preserved the company and they didn’t take it to the shareholders and let the offer expire. This led to my decision to resign. John Garvey appointed himself CEO after I left and I understand that Vector is completely shut down now and seeking a buyer.” ©