TAMPA, Fla. — Innovative Rocket Technologies (iRocket) has agreed to merge with BPGC Acquisition Corp., a shell company backed by former U.S. Commerce Secretary Wilbur Ross that has faced challenges landing a deal since going public, to help fund development of its reusable launch vehicle.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...