Terran Orbital (NYSE:LLAP) told investors it raised about $32.5 million after closing its previously announced public offering of 23,214,290 shares of its common stock and warrants to purchase up to 23,214,290 shares of common stock, at a combined public offering price of $1.40 per share.
The warrants have an exercise price of $1.50 per share, are immediately exercisable and will expire five years following 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.