Terran Orbital (NYSE:LLAP) announced the launch of an at-the-market offering program which will raise up to $98 million.
The satellite product manufacturer said that per certain of its debt documents, it is limited to selling 26,362,513 shares of its stock under the ATM program unless it obtains the required consent to sell more shares.
Sales under the ATM will be carried out by Terran Orbital (NYSE:LLAP)’s sales agent H. C. Wainwright & Co., LLC.
“As opportunities from our business pipeline convert to awards, we want to give our customers and vendors additional confidence that we have adequate capital to successfully manage current and future programs,” Terran Orbital (NYSE:LLAP) CEO Marc Bell commented.
“We are confident that the ATM announced today will allow us to deliver maximum value to our customers and other stakeholders.”