Terran Orbital takes flight after $2.4 bln satellite win

Terran Orbital

22/02/2023 13:54

** Shares of Terran Orbital Corp  LLAP.N  up ~73% at $2.95
after satellite win. Stock more than doubles premarket to $3.55,
highest levels since Sept
    ** LLAP says its subsidiary, Tyvak Nano-Satellite Systems,
awarded $2.4 bln contract to build 300 satellites for Rivada
Space Networks
    ** Through Tyvak, LLAP to act as prime contractor to design,
manufacture approx 500 kg satellites, integrate communication
payload, and perform final satellite assembly, integration, and
test, co says
    ** LLAP's shares have lost ~85% since co's debut last Mar
after SPAC merger
    ** In Oct, Lockheed Martin Corp  LMT.N  invested $100 mln in
LLAP as part of strategic cooperation agreement that runs
through 2035
    ** The U.S. defense contractor has ~9% stake (~13 mln
shares) in LLAP, per Refinitiv data
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))