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 company expects gross proceeds from the offering to be approximately $32.5 million.

Terran Orbital expects to use the net proceeds of the offering for general corporate purposes and general and administrative expenses.

The offering is expected to close on or about September 21, 2023, subject to the satisfaction of customary closing conditions.

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

Price Action: LLAP shares are trading lower by 14.79% at $1.21 in premarket on the last check Tuesday.