Satellite maker Terran Orbital Corp. (NYSE: LLAP), which has seen a stock boost since a takeover bid from one of its largest customers, Lockheed Martin Corp. (NYSE: LMT), was disclosed, said it has regained compliance with the minimum stock price required by the New York Stock Exchange.
The company previously received a noncompliance notice from the NYSE because the average closing price of its common stock was less than $1 per share over a consecutive 30 trading-day period ended Oct. 18, 2023.
About a month ago, Lockheed Martin offered to buy the company for $1 per share, plus the assumption of more than $300 million in debt.
After that bid, Terran adopted a poison pill plan to “protect the company and its stockholders from coercive or otherwise unfair takeover tactics.”
Terran is based in Boca Raton, Fla., but has the bulk of its operations in Irvine. The company’s satellites are primarily aimed at the defense and commercial markets.
It’s currently making 78 satellites for Lockheed Martin for Space Development Agency programs, it said this month.
Shares in the company now trade over $1.50 apiece; the company is valued around $300 million.
