Terran Orbital to Ring Opening Bell at the New
York Stock Exchange Today, March 28,
2022, at 9:30 a.m. in
Celebration of the New Listing
BOCA RATON, Fla.,
March 28, 2022
/PRNewswire/ -- Terran Orbital Corporation (NYSE: LLAP)
("Terran Orbital" or the "Company"), a leading small satellite
manufacturer primarily serving the United
States aerospace and defense industry, announced that its
common stock and warrants will begin trading on the New York Stock
Exchange today, March 28, 2022, under
the ticker symbols "LLAP" and "LLAP WS", respectively.
Terran Orbital has made significant progress over recent months
as it prepared to emerge as a public company. Some of the Company's
recent accomplishments include:
- Growth in remaining contractual performance obligations
(revenue backlog) from $68 million as
of September 30, 2021, to over
$200 million today;
- Recognized full year 2021 total revenues greater than
$40 million;
- Selected to build 42 satellites for the U.S. Space Development
Agency's (SDA) Tranche 1 of the Transport Layer. The award is in
addition to the 10 satellites Terran Orbital is building for SDA's
Tranche 0 of the Transport Layer;
- Facility expansion from approximately 60,000 square feet of
office, engineering and manufacturing space to over 250,000 square
feet in less than a year;
- Employee growth of 300% over the past year to more than 300
employees and still growing rapidly; and
- Recognized by the Ukraine Ministry of Defense for providing
critical data and images to support the country's defense from
Russian attacks.
In 2022 the Company expects to deliver several critical
satellites for customer missions, including:
- LunIR, a satellite for NASA to support surface
characterization, remote sensing, and site selection observations
of the Moon and launching on the Artemis I mission;
- Capstone, a satellite for NASA that will serve as a pathfinder
for the Lunar Gateway, a future Moon-orbiting human outpost, to
demonstrate orbital stability and maintenance requirements;
- Ten (10) microsatellites to Lockheed Martin in support of SDA's
Tranche 0 of the Transport Layer;
- A two satellite cubesat mission to demonstrate proximity
operations and rendezvous in a nanosatellite form factor;
- An optical earth observation satellite for an international
commercial partner;
- A 6U cubesat technology demonstrator for NASA flying a laser
communications terminal designed by MIT Lincoln Laboratory;
and
- A satellite with six electro-optical payloads to support
weather observations for the Air Force Research Laboratory.
Terran Orbital Co-Founder, Chairman, and CEO Marc Bell announced, "We are thrilled to bring
Terran Orbital forward as a public company. This day marks the
latest milestone in a history of achievement and outperformance in
the space industry. We expect that as we advance, Terran Orbital
will continue to define the small satellite market by combining
high-volume manufacturing with fully integrated operations and
mission planning capabilities. We are also planning to build one of
the world's largest, most advanced persistent earth observation
constellations and one of the world's largest vertically integrated
satellite manufacturing facilities."
Bell continued: "Our innovative, cost-effective satellite
solutions and real-time data offering are validated by our suite of
marquee military, commercial and civil customers; an experienced,
solutions-focused management team featuring former senior leaders
in the U.S. Air Force, U.S. Navy, and U.S. Army. As a public
company, we expect to leverage our industry position to capitalize
on the exponentially rising demand for small satellites and earth
observation data to meet critical government, national security and
commercial needs, support human space exploration, and deliver
long-term value to our partners and investors."
In order to meet this growing demand, in February 2022 the Company announced its plans to
significantly expand its manufacturing capability in Irvine, CA, by leasing a 60,000 square-foot
commercial facility adjacent to the Company's existing facility.
The announcement marked Terran Orbital's commitment to maintaining
its leadership as a top small satellite manufacturer in the country
and will complement the Company's previously announced plans to
build the world's largest and most advanced "Industry 4.0" space
vehicle manufacturing facility, a $300
million, 660,000 square foot facility on the Space Coast of
Florida.
Terran Orbital also announced the formation of a
highly-respected board of directors. In addition to Mr. Bell, the
Board of Directors of the newly public Company includes:
- Mr. Anthony Previte, Co-Founder,
Chief Strategy Officer, and Executive Vice President of Terran
Orbital;
- Mr. Daniel Staton, Chairman of
the Board of ARMOUR Residential REIT, Inc.;
- Mr. James LaChance, Founder of
Breakpoint Asset Management and Chairman and Chief Executive
Officer of The Compound LLC;
- Col. Tom Manion, USMC
(Ret.);
- Lt. Gen. Richard Y. Newton III,
USAF (Ret.), former U.S. Air Force Assistant Vice Chief of
Staff;
- Dr. Tobi Petrocelli, Director,
Environmental and Sustainability Management of Mitsubishi UFJ
Financial Group, MUFG Americas N.A.;
- Maj. Gen. Douglas L. Raaberg,
USAF (Ret.), Executive Vice President of the Air Force Association;
and
- Mr. Stratton Sclavos, former
Chairman and CEO of Verisign.
Disclaimers
The preliminary results included in this
press release are preliminary, unaudited and subject to completion,
reflect management's current views, and may change as a result of
management's review of results and other information, which may not
be currently available. Such preliminary results are subject to the
finalization of year-end financial and accounting procedures and
should not be viewed as a substitute for audited results prepared
in accordance with United States
generally accepted accounting principles ("GAAP"). The actual
results may be materially different from the preliminary results.
See the factors discussed under the captions "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements; Market
Ranking and Other Industry Data"
in the Company's definitive proxy statement/prospectus (the
"Proxy Statement/Prospectus") filed with the U.S. Securities and
Exchange Commission on February 14,
2022.
About Terran Orbital
Terran Orbital Corporation ("Terran Orbital") is a leading
satellite manufacturer of small satellites primarily serving
the United States aerospace and
defense industry and a pioneer in end-to-end small satellite
solutions, fully integrated operations, satellite design, scale
manufacturing, launch planning, mission operations, and in-orbit
support to the most demanding military, intelligence community,
civil and commercial customers. Terran Orbital is leveraging its
fully integrated manufacturing capabilities to develop one of the
world's largest, most advanced NextGen Earth Observation
constellation of small satellites to provide real-time earth
imagery as a service, enabling the Company to meet numerous defense
and private sector needs through advanced space-based observation.
The Company is additionally planning to build one of the world's
largest vertically integrated satellite manufacturing facilities,
capable of producing over 1,000 satellites and space vehicles
annually, on the Space Coast of Florida. Learn more at
www.terranorbital.com.
Special Note Regarding Forward-Looking Statements
This
press release includes certain forward-looking statements,
estimates, and projections provided by Terran Orbital that reflect
management's views regarding the anticipated future financial and
operating performance of Terran Orbital. Forward-looking statements
are not historical, including statements regarding operational and
financial plans, terms and performance of Terran Orbital, and other
projections or predictions of the future. Forward-looking
statements are typically identified by such words as "project,"
"believe," "expect," "anticipate," "intend," "estimate," "may,"
"will," "should," and "could" and similar expressions. Such
statements, estimates, and projections reflect numerous assumptions
concerning anticipated results. Forward-looking statements in this
press release may include, for example; statements about Terran
Orbital's industry and market sizes; future opportunities;
expectations and projections concerning future financial and
operational performance and results of Terran Orbital, and those
factors set forth in the section entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements; Market
Ranking and Other Industry Data" in the Proxy Statement/Prospectus.
As these assumptions may or may not prove correct and there
are numerous factors that will affect Terran Orbital's actual
results (many of which are beyond Terran Orbital's control), there
can be no assurances that any projected results are attainable or
will be realized. Terran Orbital disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law. Terran Orbital's actual
results may differ materially from those set forth in this press
release. Accordingly, no representations are made as to the
accuracy, reasonableness or completeness of such statements,
estimates, or projections.
CONTACTS:
pr@terranorbital.com
949-508-6404
View original content to download
multimedia:https://www.prnewswire.com/news-releases/terran-orbital-begins-trading-on-the-new-york-stock-exchange-under-ticker-symbol-llap-and-announces-revenue-backlog-now-exceeds-200-million-301511543.html
SOURCE Terran Orbital