Terran Orbital (NYSE:LLAP) told investors it plans to raise $32.5 million in a public offering of 23,214,290 shares of its common stock and warrants to purchase a further 23,214,290 shares at a combined public offering price of $1.40 per share and accompanying warrant.
The company noted that the warrants have an exercise price of $1.50 per share, are immediately exercisable, and will expire five years from the date of issuance.
It expects to use the net proceeds of the offering for general corporate purposes, including capital expenditures, working capital, and research and development.