Terran Orbital Announces $37.1 Million Registered Direct Offering

Terran Orbital Announces $37.1 Million Registered Direct Offering
by Staff Writers
Boca Raton FL (SPX) May 26, 2023

Terran Orbital Corporation (NYSE: LLAP) has entered into a definitive securities purchase agreement for the purchase and sale of 29,000,000 shares of the Company's common stock (or common stock equivalents) and warrants to purchase 29,000,000 shares of common stock at a combined purchase price of $1.28 per share of common stock (or common stock equivalent) and accompanying warrant in a registered direct offering.

The warrants will have an exercise price of $1.43 per share, will be exercisable commencing six months following issuance, and will have a term of exercise equal to five years following the initial exercise date. The closing of the offering is expected to occur on or about May 30, 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 to the Company from the offering are expected to be approximately $37.1 million, before deducting the placement agent's fees and other offering expenses payable by the Company. Terran Orbital intends to use the net proceeds of this offering for general corporate purposes including capital expenditures, working capital, research and development and general and administrative expenses.

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.

A prospectus supplement related to the offering will be filed with the SEC and may be obtained, when available, on the SEC's website, located at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained 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 [email protected].

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.