Terran Orbital Announces Closing of $32.5 Million Public Offering

Terran Orbital Corporation (NYSE: LLAP) ("Terran Orbital" or the "Company"), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, has announced the closing 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 closing occurred on September 21, 2023.

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

The gross proceeds from the offering to the Company were 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.