Terran Orbital Announces Agreement with Shareholder Group
February 05 2024 - 6:30AM
Business Wire
Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the
“Company”), a global leader in satellite-based solutions primarily
serving the aerospace and defense industries, today announced that
it has entered into an agreement with the investor group comprised
of Sophis Investments LLC, Sophis GP LLC, Tassos Recachinas,
Roark’s Drift, LLC, Joseph Roos, Jordi Puig-Suari, Roland Coelho,
and Austin Williams (collectively, the “Investor Group”).
Marc Bell, the Company’s Co-Founder, Chairman, and CEO, said,
“Company management and the Board of Directors (the ‘Board’) take
shareholder feedback seriously. We have had a very constructive
dialogue with the Investor Group and appreciate their input toward
achieving our shared goal of driving shareholder value. We are
pleased to have come to an agreement and look forward to furthering
our constructive relationship with the Investor Group.”
Tassos Recachinas, President and Chief Investment Officer of
Sophis Investments, stated, “We are pleased that we have aligned
with Terran Orbital’s management team and Board and appreciate the
Company’s commitment to driving value enhancing initiatives in the
best interest of all stockholders. We also appreciate the
constructive relationship we have developed with the Company and
look forward to working with the Board, including filling the
currently vacant Board seat, as the Company moves forward on its
strategic initiatives.”
Austin Williams, a member of the Investor Group, said, “I am
very pleased to see the direction the company is going in and look
forward to its continued success. Terran Orbital’s satellite
platforms are actively performing missions across commercial,
civil, and military domains, while operating in LEO, GEO, and
around the Moon. I believe the company is well positioned to scale
its manufacturing of flight proven technology to meet the needs of
its growing and diverse customer base.”
Joseph Roos, a Terran Orbital investor and member of the
Investor Group, added, “I am confident in the direction of the
Company, which includes diversifying its pipeline, improving
financial controls, exploring value enhancing measures, and working
towards profitable growth.”
Under the terms of the Agreement, the Company’s Board, in
consultation with the Investor Group, has agreed to identify and
appoint an independent director to fill its vacant seat caused by
the passing of Anthony Previte, reflecting the Company’s continual
efforts to enhance stockholder value and corporate governance
practices. The Company remains committed to exploring a number of
value creating initiatives as part of its ongoing strategic review
process, including those related to the Company’s operations,
financial performance (including potential opportunities for cost
reduction), and corporate governance, among others.
In connection with the Agreement, the parties have also agreed
to customary standstill voting, and other commitments.
About Terran Orbital
Terran Orbital is a leading manufacturer of satellite products
primarily serving the aerospace and defense industries. Terran
Orbital provides end-to-end satellite solutions by combining
satellite design, production, launch planning, mission operations,
and on-orbit support to meet the needs of the most demanding
military, civil, and commercial customers. Learn more at
www.terranorbital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240205365902/en/
Public Relations Juliana Johnson pr@terranorbital.com
949-508-6404
Investor Relations Jonathan Siegmann ir@terranorbital.com
949-202-8476
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