A company banner above the New York Stock Exchange on March 28, 2022.
Terran orbit
Shares of the spacecraft manufacturer Terran orbit rose on Monday after the company added $100 million through an investment from an existing shareholder Lockheed Martin.
Lockheed acquired both debt and equity, and Teran noted that the investment comes with a new collaboration agreement “to pursue broader opportunities” with the defense giant.
Terran shares were up about 8% in midday trading after jumping 33% earlier in the day to close at $2.56 a share. The stock has fallen more than 70% since the beginning of the year.
Company went public through a SPAC earlier this year and, like many space stocks, has been hit hard by changes in market risk. This was previously reported by CNBC that Terran was among the space SPAC stocks seeking capital, with several companies facing cash crunches.
The company said in an announcement Monday that it “will no longer be in the business” of building its own constellation of satellites, instead planning to use existing PredaSAR technology to offer a specialized earth-imaging product.
Terran is set to report third quarter results on November 9.
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