Terran Orbital (NYSE:LLAP) announced that it has entered into an agreement with the investor group made up of Sophis Investments LLC, Sophis GP LLC, Tassos Recachinas, Roark’s Drift, LLC, Joseph Roos, Jordi Puig-Suari, Roland Coelho, and Austin Williams.
The company said that under the agreement, its board in consultation with the investor group will identify and appoint an independent director caused by the passing of Anthony Previte.
The parties have also agreed to customary standstill voting, among other commitments.
“Company management and the board of directors take shareholder feedback seriously. We have had a very constructive dialogue with the investor group and appreciate their input toward achieving our shared goal of driving shareholder value,” Terran Orbital (NYSE:LLAP) CEO Marc Bell said in a statement.
“We are pleased to have come to an agreement and look forward to furthering our constructive relationship with the investor group.”
Sophis Investments chief investment officer Tassos Recachinas added: “We are pleased that we have aligned with Terran Orbital (NYSE:LLAP)’s management team and board and appreciate the company’s commitment to driving value-enhancing initiatives in the best interest of all stockholders.”
Terran Orbital is a leading manufacturer of satellite products primarily serving the aerospace and defense markets.