Terran Orbital Stock Rises After Lockheed Martin Invests $100 Million

The company’s banner above the New York Stock Exchange on March 28, 2022.

Earth orbital

Spacecraft Manufacturer Shares Earth orbital rose on Monday after the company added $100 million through an investment from the existing shareholder Lockheed Martin.

Lockheed bought both debt and equity, and Terran noted that the investment comes with a new cooperative agreement “to pursue a greater variety of opportunities” alongside the defense giant.

Terran stock was up about 8% by midday, after climbing 33% earlier in the day from its previous close of $2.56 per share. The stock is down more than 70% since the start of the year.

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The company went public via a SPAC earlier this year and, like many space stocks, has been hit hard by the changing risk environment in the market. CNBC previously reported that Terran was among SPAC space stocks seeking capital, with several companies facing a cash crunch.

The company said in Monday’s announcement that it will “no longer pursue” building its own constellation of satellites and instead plans to use its existing PredaSAR technology to deliver a specialized Earth imaging product. .

Terran is expected to release its third quarter results on November 9.

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