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Lockheed Martin appears to bear spacecraft maker Terran Orbital for nearly $600 million

Terran Orbital’s banner above the Fresh York Stock Change on March 28, 2022.

Terran Orbital

Lockheed Martin submitted a divulge to bear spacecraft manufacturer Terran Orbital, the defense broad published in a securities submitting on Friday.

The nonbinding proposal would undercover agent Lockheed bear Terran Orbital’s prominent frequent stock at $1 a portion in cash, apart from pay $70 million for Terran’s prominent warrants and think the firm’s $313 million in prominent debt.

Collectively, the provide values Terran Orbital at honest below $600 million. Terran Orbital stock closed at $1.07 a portion on Friday.

Terran Orbital didn’t straight reply to CNBC’s question for comment.

The cramped spacecraft maker went public by plan of a SPAC in early 2022 at a $1.8 billion valuation. Like many rental shares, the but-unprofitable firm has been hit interesting by the fascinating threat atmosphere available in the market.

Lockheed Martin is already a indispensable stakeholder in Terran Orbital, with a 28.3% stake as of Friday, having bought in at some level of the firm’s SPAC course of and again in late 2022.

Additionally, Lockheed illustrious in its letter to Terran Orbital administration that the defense broad “remains to be Terran’s largest earnings generating buyer accounting.”

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