Terran Orbital (NYSE:LLAP) Corporation has announced an agreement to raise gross proceeds of about $37.1 million in a registered direct offering, by issuing 29 million company shares plus warrants to purchase 29 million Terran Orbital (NYSE:LLAP) shares at a combined purchase price of $1.28 per share and accompanying warrant.
The satellite products manufacturer said it intends to use the net proceeds of the offering for general corporate purposes including capital expenditures, working capital, research and development and general and administrative expenses.
Terran Orbital (NYSE:LLAP) noted that the warrants will have an exercise price of $1.43 per share, will be exercisable beginning six months following issuance, and will have a term of exercise equal to five years following the initial exercise date.
The company added that HC Wainwright & Co is acting as the exclusive placement agent for the offering.
The closing of the offering is expected to occur on or about May 30, 2023, subject to the satisfaction of customary closing conditions.
Terran Orbital (NYSE:LLAP) is a leading manufacturer of satellite products primarily serving the aerospace and defense industries.
Contact Sean at sean@proactiveinvestors.com