Following the acquisition of IRDM by Rocket Lab, I have exited the position at Thursday's closing price of $53.75. While the takeover crystallised a solid gain, it also fundamentally changed the investment thesis by capping the long-term upside.
The proceeds have been fully recycled into Five9 (FIVN) at $23.44. Enterprise software continues to demonstrate relative strength, and the risk-reward at this level looks compelling.