Terran Orbital Corporation (NYSE:LLAP) (“Terran Orbital” or the “Company”), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, today announced that it has entered into a definitive securities purchase agreement for the purchase and sale of 29,000,000 shares of the Company’s common stock (or common stock equivalents) and warrants to purchase 29,000,000 shares of common stock at a combined purchase price of $1.28 per share of common stock (or common stock equivalent) and accompanying warrant in a registered direct offering. The warrants will have an exercise price of $1.43 per share, will be exercisable commencing six months following issuance, and will have a term of exercise equal to five years following the initial exercise date. The closing of the offering is expected to occur on or about May 30, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $37.1 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Terran Orbital intends to use the net proceeds of this offering for general corporate purposes including capital expenditures, working capital, research and development and general and administrative expenses.
