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Terran Orbital announces agreement with Shareholder Group
The parties involved have agreed to customary standstill voting and other commitments, reinforcing the cooperative spirit of the agreement.
Terran Orbital announces agreement with Shareholder Group
by Clarence Oxford
Los Angeles CA (SPX) Feb 06, 2024

Terran Orbital, a key player in the aerospace industry known for its satellite manufacturing capabilities, has recently announced a significant agreement with a group of its shareholders. This development underscores the company's commitment to enhancing shareholder value and improving corporate governance practices. The agreement, as detailed by Terran Orbital's leadership and investor representatives, reflects a collaborative approach to steering the company towards its strategic goals.

Marc Bell, Co-Founder, Chairman, and CEO of Terran Orbital, emphasized the importance of shareholder feedback in guiding company management and the Board of Directors. Bell expressed satisfaction with the constructive dialogue that has taken place with the Investor Group, highlighting the shared objective of driving shareholder value. The agreement reached with the Investor Group is a testament to the company's dedication to fostering a positive and constructive relationship with its shareholders.

Tassos Recachinas, President and Chief Investment Officer of Sophis Investments, echoed this sentiment, expressing pleasure at aligning with Terran Orbital's management team and Board. Recachinas praised the company's commitment to initiatives that enhance value for all stockholders and acknowledged the constructive relationship developed with the company. He also mentioned the anticipation of working closely with the Board to fill the currently vacant Board seat, signaling a forward-looking approach to the company's governance and strategic initiatives.

Austin Williams, a member of the Investor Group, highlighted the promising direction of Terran Orbital, noting the company's active satellite platforms performing missions across various domains while operating in diverse orbits, including LEO, GEO, and around the Moon. Williams's optimism about the company's positioning to scale its manufacturing of flight-proven technology reflects confidence in Terran Orbital's ability to meet the evolving needs of its growing and diverse customer base.

Joseph Roos, another investor and member of the Investor Group, shared his confidence in the company's direction, which includes diversifying its pipeline, improving financial controls, exploring value-enhancing measures, and working towards profitable growth. This perspective underscores the comprehensive approach Terran Orbital is taking to strengthen its market position and financial health.

The agreement also entails the appointment of an independent director to fill the vacant Board seat, a move prompted by the passing of Anthony Previte. This action is part of Terran Orbital's efforts to enhance stockholder value and corporate governance practices. The company has committed to exploring various value-creating initiatives as part of its ongoing strategic review process, including examining its operations, financial performance, and governance structures.

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