Satellite Firm Terran Orbital Aims To Go Public Via $1.58B SPAC Merger With Tailwind Two Acquisition

Satellite maker Terran Orbital Corp aims to go public via a special purpose acquisition company (SPAC) merger with Tailwind Two Acquisition Corp TWNT. The transaction is worth $1.58 billion.
The combined company will operate as Terran Orbital Corporation LLAP, with plans to list on the NYSE under the symbol LLAP.
Terran designs and builds satellites for customers, including the National Aeronautics and Space Administration, the U.S. Defense Department, and EchoStar Corp SATS, the Wall Street Journal reports.
Terran is developing its constellation of low-Earth-orbit satellites. Next year, it plans to launch targeting customers like shippers that need to track their vessels and governments monitoring conflict zones.
Casper Sleep Inc CSPR CEO leads the SPAC. The Tailwind merger gives Terran access to $345 million held by the SPAC.
Terran will also get $125 million in additional debt commitments from investors, including Lockheed Martin Corp LMT, an existing Terran investor and customer, and private-equity firms AE Industrial Partners and Francisco Partners.
On September 27, 2021, Terran Orbital revealed plans to develop a $300 million, 660,000 sq.ft. space manufacturing facility on the Space Coast of Florida.
Terran Orbital noted the newly constructed facility could produce over 1,000 satellites and space vehicles annually upon completion.
Price Action: TWNT shares traded higher by 6.47% at $10.53 in the premarket session on the last check Friday.