Terran Orbital announces pricing of Public Offering

Terran Orbital announces pricing of Public Offering
by Staff Writers
Boca Raton FL (SPX) Sep 20, 2023

Terran Orbital Corporation (NYSE: LLAP) has announced the pricing of its previously announced public offering of 23,214,290 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 23,214,290 shares of common stock, at a combined public offering price of $1.40 per share (or common stock equivalent in lieu thereof) and accompanying warrant.

The warrants have an exercise price of $1.50 per share, are immediately exercisable, and will expire five years following the date of issuance. The offering is expected to close on or about September 21, 2023, subject to the satisfaction of customary closing conditions.

H.C. Wainwright and Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the offering to the Company are expected to be approximately $32.5 million, before deducting placement agent's fees and other offering expenses payable by the Company.

Terran Orbital expects 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, and maintenance of the liquidity covenant in the Company's debt documents.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-271093) that was declared effective by the Securities and Exchange Commission (the "SEC") on April 18, 2023. The offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement.

A final prospectus supplement related to the offering will be filed with the SEC and may be obtained, when available, on the SEC's website, located here. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from H.C. Wainwright and Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at placements@hcwco.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.