Small satellite manufacturer Terran Orbital (NYSE: LLAP) makes its debut on the New York Stock Exchange today. This comes after the firm completed its business combination with blank check company Tailwind Two Acquisition Corp.
The transaction generated around US$255.4 million of gross proceeds, US$80.2 million of which came from Tailwind Two’s cash-in-trust and PIPE investment, and US$175.3 million from gross debt financings. The current Terran Orbital shareholders were reportedly rolling over 100% of their equity into the combined company, retaining 82.1% of the outstanding common stock.
The SPAC completed its US$300 million IPO on the NYSE in February 2021. in its search for target businesses, the firm said it intends to “capitalize on the investment experience of [its] management team, which consists of technology entrepreneurs.”
The resulting firm will be using Terran Orbital’s name and is expected to trade on the New York-based big board under symbols “LLAP”, and “LLAP.WS”.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.