Terran Orbital stock jumps after spacecraft builder raises $100 million from Lockheed Martin

Terran Orbital stock jumps after spacecraft builder raises 0 million from Lockheed Martin


The company’s banner above the New York Stock Exchange on March 28, 2022.

Terran Orbital

Shares of spacecraft manufacturer Terran Orbital rose Monday after the company added $100 million via an investment from existing shareholder Lockheed Martin.

Lockheed purchased both debt and stock, and Terran noted the investment comes with a new cooperation agreement “to pursue a wider variety of opportunities” alongside the defense giant.

Terran stock rose about 8% in midday trading, after soaring as much as 33% earlier in the day from its previous close of $2.56 a share. The stock is down more than 70% year to date.

Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

The company went public via a SPAC earlier this year and, like many space stocks, has been hit hard by the shifting risk environment in the market. CNBC previously reported that Terran was among the space SPAC stocks seeking capital, with several companies facing a cash crunch.

The company noted in Monday’s announcement that it will “no longer pursue” building its own constellation of satellites, and instead will plan to use its existing PredaSAR technology to offer a specialist Earth-imagery product.

Terran is set to report third-quarter results on Nov. 9.



Source

IMAX is headed for its best year on record as it capitalizes on Hollywood’s box office rebound
Business

IMAX is headed for its best year on record as it capitalizes on Hollywood’s box office rebound

General atmosphere during an IMAX private screening for the movie “First Man” at an AMC theater in New York City on Oct. 10, 2018. Lars Niki | Getty Images Entertainment | Getty Images More than a year before “F1: The Movie” would eventually hit theaters, Apple struck a deal with IMAX. The studio secured the […]

Read More
How Iconiq, the wealth firm backed by Mark Zuckerberg, brings ultra-rich philanthropists together
Business

How Iconiq, the wealth firm backed by Mark Zuckerberg, brings ultra-rich philanthropists together

Meta CEO Mark Zuckerberg and Square CEO Jack Dorsey. Manuel Orbegozo | Handout | Reuters A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Even as tax changes may reduce giving by […]

Read More
Patrick Mahomes is investing in his love for coffee — and isn’t thrilled about an 18-game season
Business

Patrick Mahomes is investing in his love for coffee — and isn’t thrilled about an 18-game season

Kansas City Chiefs quarterback Patrick Mahomes has added “coffee entrepreneur” to his already packed resume. The three-time Super Bowl champion has invested in Throne Sport Coffee, adding to the 29-year-old superstar’s portfolio off the field. As his Chiefs and the rest of the NFL gear up for the upcoming season, Mahomes spoke to CNBC about […]

Read More