Terran Orbital Corporation (Terran Orbital) announced that it had completed its SPAC merger on 25 March and expected to begin trading on the New York Stock Exchange (NYSE) on 28th. The transaction saw it merge with the Special Purpose Acquisition Company (SPAC), Tailwind Two Acquisition Corp, and generated US$255.4 million in proceeds. Of this sum US$175.3 million is gross debt. Longstanding investor and industry mainstay Lockheed Martin remains an investor in the new entity.
Two entities that Terran Orbital own and finance: Tyvak Nano Satellite Systems, and PredaSAR, are expected to become operating segments of the new Terran Orbital.
SDA Order
Terran Orbital through its wholly-owned subsidiary, Tyvak Nano Satellite Systems, was awarded a contract by Lockheed Martin to build 42 satellites for the Space Development Agency’s (SDA) Tranche 1 Transport Layer on 15 March.
The delivery schedule for these satellites is uncertain, but earlier units, known as “Tranche 0”, for which Lockheed Martin (which again sub-contracted to Tyvak) received in 2020 are expected to begin launching this year.
