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

Business class+? Delta says segmentation is coming to high-end cabins
Business

Business class+? Delta says segmentation is coming to high-end cabins

Nurphoto | Nurphoto | Getty Images Delta Air Lines is studying new types of airplane tickets — this time in the premium cabins at the front of the plane. Airlines spent years slicing up their coach cabins, from extra legroom seats to bare-bones basic economy fares that don’t allow changes or include a seat assignment. […]

Read More
Trump’s tariffs on Brazil could make your coffee even more expensive
Business

Trump’s tariffs on Brazil could make your coffee even more expensive

President Donald Trump’s proposed 50% tariff on Brazilian imports is bad news for coffee drinkers. Brazil, the largest U.S. supplier of green coffee beans, accounts for about a third of the country’s total supply, according to data from the U.S. Department of Agriculture. Coffee beans need to grow in a warm, tropical climate, making Hawaii […]

Read More
Space startup Varda raises 7 million in funding to make drugs in orbit
Business

Space startup Varda raises $187 million in funding to make drugs in orbit

Pavlo Gonchar | Lightrocket | Getty Images Space startup Varda announced on Thursday that it has raised $187 million in Series C funding, led by venture capital firms Natural Capital and Shrug Capital, to continue advancing drug manufacturing in space. The latest round included participation from Peter Thiel, Lux Capital, Khosla Ventures and Caffeinated Capital. […]

Read More