Terran Orbital Shares Tumble 13% After Lockheed Martin Withdraws Bid

By Ben Glickman

Shares of Terran Orbital fell late Thursday after Lockheed Martin, the company's largest customer, withdraw a buyout offer.

The stock was down 13% to $1.12 post-market, and was down as much as 20% immediately following the news. Shares were up about 13% since the start of the year through Thursday's close.

Lockheed Martin said in a regulatory filing that it had notified Terran it was withdrawing its buyout offer at $1 a share. The company still owns about 28% of Terran's shares.

Terran Orbital said in a statement that its strategic review was ongoing and that it is exploring all options. The company said it values its partnership with Lockheed Martin and looks forward to continue collaborating.

After Terran issued that statement, shares in the company eased their declines in after-hours trading.

Lockheed Martin's offer, disclosed in March, included the company paying $70 million for Terran's outstanding warrants and repaying Terran's existing debt.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 02, 2024 18:04 ET (22:04 GMT)

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