Terran Orbital Stock Slips After $37M Equity Offering

Terran Orbital Corporation LLAP said it has entered into a definitive securities purchase agreement for the purchase and sale of 29 million shares and warrants to buy 29 million shares at a combined purchase price of $1.28 per share.
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 gross proceeds to the company from the offering are expected to be approximately $37.1 million.
Terran Orbital intends to use the net proceeds for general corporate purposes, including capital expenditures, working capital, research and development.
The closing of the offering is expected to occur on or about May 30, 2023.
Price Action: LLAP shares are trading lower by 7.71% at $1.32 on the last check Thursday.