- Satellite maker Terran Orbital Corp aims to go public via a special purpose acquisition company (SPAC) merger with Tailwind Two Acquisition Corp TWNT. The transaction is worth $1.58 billion.
- The combined company will operate as Terran Orbital Corporation LLAP, with plans to list on the NYSE under the symbol LLAP.
- Terran designs and builds satellites for customers, including the National Aeronautics and Space Administration, the U.S. Defense Department, and EchoStar Corp SATS, the Wall Street Journal reports.
- Terran is developing its constellation of low-Earth-orbit satellites. Next year, it plans to launch targeting customers like shippers that need to track their vessels and governments monitoring conflict zones.
- Casper Sleep Inc CSPR CEO leads the SPAC. The Tailwind merger gives Terran access to $345 million held by the SPAC.
- Terran will also get $125 million in additional debt commitments from investors, including Lockheed Martin Corp LMT, an existing Terran investor and customer, and private-equity firms AE Industrial Partners and Francisco Partners.
- On September 27, 2021, Terran Orbital revealed plans to develop a $300 million, 660,000 sq.ft. space manufacturing facility on the Space Coast of Florida.
- Terran Orbital noted the newly constructed facility could produce over 1,000 satellites and space vehicles annually upon completion.
- Price Action: TWNT shares traded higher by 6.47% at $10.53 in the premarket session on the last check Friday.
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