Terran Orbital, a satellite manufacturer and operator, is set to go public with a special-purpose acquisition company (SPAC). The deal includes both AE Industrial Partners and Lockheed Martin. Terran will be listed on the New York Stock Exchange under the ticker symbol “LLAP,” shares rose 1% upon the news.
The company is merging with Tailwind Two Acquisition Corp., a SPAC listed under the ticker symbol TWNT. The agreement, which is expected to close at the start of 2022, provides Terran with a USD1.8 Million valuation.
“Terran Orbital is the largest independently-owned manufacturer of small satellites in the United States,” Terran Orbital co-founder and CEO Marc Bell said in a statement. “With our high volume, innovative manufacturing of small satellites, we will be able to deliver emerging technologies to space faster, more affordably and with greater reliability than anyone.”
Lockheed Martin Ventures originally made an investment in Terran Orbital in 2017.
“We actively pursue working with organizations that are developing disruptive technologies and leveraging alternative business models,” Rick Ambrose, Lockheed Martin Space executive vice president, said in a statement. “Our experience with Tyvak, which is part of Terran Orbital, has helped us expand our core capabilities to enable hybrid, networked architectures and we look forward to continuing to work together for the benefit of our customers.”
The Merger is expected to contribute USD330 Million cash to Terran’s development. Additionally, Terran is prepared to build a private system of imagery satellites and plans to launch the first two satellites by next year.