Satellite company Terran Orbital Corp., which has most of its operations in Irvine, says a specially appointed committee will keep mapping the company’s future.
Terran (NYSE: LLAP) started the committee after defense giant Lockheed Martin launched a takeover offer for Terran Orbital that was later withdrawn. Lockheed reportedly owns about 28% of the shares of Terran Orbital.
The committee is evaluating “strategic opportunities that are or may be available to the company, including maintaining the status quo and continuing to operate as a standalone, independent publicly traded company.”
Members will also “determine the course of action that it believes will maximize value for the company’s stockholders.”
Terran said May 14 the panel is continuing its works and is made up of “independent and disinterested directors” from Terran’s board.
The company has faced various challenges recently, including a potential shareholder mutiny and a stock exchange warning after the value of its shares fell below $1.00 each.
Lockheed Contract
Separately, Terran Orbital said earlier this month it had been awarded a Lockheed Martin contract to produce 18 satellite “buses” for the Space Development Agency project.
The body of a satellite, also known as a “bus,” holds the scientific equipment and other necessary components that are sent into space. No price was disclosed.
