Satellite company Terran Orbital Corp. (NYSE: LLAP) said today it has launched an “at-the-market” offering program, known as an ATM.
The program will allow the company to offer its common stock, from time to time, in transactions that are deemed to be “at the market” offerings not to exceed an aggregate amount of $98 million.
“As opportunities from our business pipeline convert to awards, we want to give our customers and vendors additional confidence that we have adequate capital to successfully manage current and future programs,” Marc Bell, co-founder, chairman, and chief executive officer of Terran Orbital, said in a statement announcing the program.
Terran Orbital closed down 1% at 86 cents per share for a market cap of $173 million, and fell another 6.5% in after-hours trading.
The company has the bulk of its operations in Irvine and is headquartered in Boca Raton, Fla.
