Terran Orbital’s burgee above the New York Stock Exchange on March 28, 2022.
Terran Orbital
Lockheed Martin submitted a bid to acquire spacecraft producer Terran Orbital, the defense giant revealed in a securities filing on Friday.
The nonbinding proposal would see Lockheed win Terran Orbital’s outstanding common stock at $1 a share in cash, as well as pay $70 million for Terran’s remarkable warrants and assume the company’s $313 million in outstanding debt.
Together, the offer values Terran Orbital at hardly below $600 million. Terran Orbital stock closed at $1.07 a share on Friday.
Terran Orbital did not in a jiffy respond to CNBC’s request for comment.
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The trifling spacecraft maker went public via a SPAC in early 2022 at a $1.8 billion valuation. Like many time stocks, the yet-unprofitable company has been hit hard by the shifting risk environment in the market.
Lockheed Martin is already a historic stakeholder in Terran Orbital, with a 28.3% stake as of Friday, having bought in during the company’s SPAC organize and again in late 2022.
Additionally, Lockheed noted in its letter to Terran Orbital management that the defense giant “persist ins to be Terran’s largest revenue generating customer accounting.”
Terran Orbital
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