LLAP - Why Terran Orbital Stock Is Down Today
2023-09-19 13:24:48 ET
Satellite maker Terran Orbital (NYSE: LLAP) is raising money by selling additional shares, meaning existing shareholders will own less of the company than they did previously. Those shares are under pressure as a result, sending Terran Orbital stock down as much as 19% at 1:01 p.m. ET on Tuesday.
Terran Orbital is one of a new generation of space stocks that have come to market in recent years. The company offers an end-to-end satellite package for defense and commercial customers, combining design, manufacture, mission operations, and in-orbit support.
The company is early in its life cycle and needs cash to support its plans. Late Monday, Terran said it had sold 23.2 million shares at $1.40 each, raising $32.5 million. It said the cash will be used for general corporate purposes.
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Why Terran Orbital Stock Is Down Today