Terran Orbital to start out investing on the New York Stock Trade on March 28, 2022 under ticker symbols LLAP and LLAP WS
BOCA RATON, Fla., March 25, 2022–(Business WIRE)–Tailwind Two Acquisition Corp. (NYSE: TWNT) (“Tailwind Two”), nowadays declared the completion of its business enterprise mix with Terran Orbital Corporation (“Terran Orbital”), a top little satellite producer generally serving the United States aerospace and defense business.
In relationship with the completion of the enterprise combination, Tailwind Two has been renamed Terran Orbital Company (the “Organization”) and its widespread stock and warrants are anticipated to commence buying and selling on the New York Stock Trade on March 28, 2022 less than the ticker symbols “LLAP” and “LLAP WS,” respectively.
“We are delighted to have accomplished our business enterprise mixture with Terran Orbital as they convey their current market top, innovative small satellites and earth observation remedies to scale,” said Phillip Krim, Chairman of Tailwind Two. “Marc Bell and his crew have a major technological moat, supported by anticipated establish rates of more than 1,000 satellites and space autos annually as knowledge requires from governments and businesses accelerate about the next decade. We search ahead to continuing to get the job done with the entire Terran Orbital group in the a long time in advance.”
“We are nicely-positioned to accelerate our development strategy as a end result of this company blend,” stated Marc Bell, Co-Founder, Chairman and CEO of Terran Orbital. “The funds elevated by way of this transaction alongside with our new accessibility to the general public markets will enable us to continue on to develop on our manufacturing abilities and launch one of the most innovative earth observation constellations of modest satellites on the world.”
As a result of this transaction, the Company been given approximately $255.4 million of gross proceeds, comprised of $80.2 million of gross fairness proceeds from Tailwind Two’s income-in-believe in ($29.4 million) and a private placement (“PIPE”) of standard shares ($50.8 million) with participation from AE Industrial Partners, lengthy-phrase Terran Orbital investor Seashore Issue Capital, Daniel Staton, Lockheed Martin and Gas Venture Money, and $175.3 million of gross debt financings provided by Francisco Companions, Beach Point Cash and Lockheed Martin, like in each and every scenario credit card debt money developments funded on November 24, 2021 and March 9, 2022. In link with the closing of the transaction, and assuming all transactions closed on December 31, 2021, the Enterprise would have began the year 2022 with $100.8 million of income on hand, a debt harmony of roughly $175.6 million and issued and superb shares of prevalent stock of 137,295,455 (and 154,778,461 which include “in-the-dollars” vested and unvested RSUs and Possibilities, assuming a $10.00 inventory price tag). Present Terran Orbital shareholders rolled 100% of their equity into the mixed company and retained 82.1% of the fantastic prevalent inventory (and 84.1% which include the “in-the-funds” RSUs and choices). Prior to closing of this transaction, the optimum redemption issue earlier disclosed on March 15, 2022 as a ailment to the closing of the merger and the funding furnished by Francisco Partners was waived by the respective functions. In addition, a 3rd-occasion holder of Tailwind Two shares agreed to reverse its redemption of close to just one million shares in consideration for selected dollars payments from the sponsor of Tailwind Two.
Jefferies served as sole placement agent on the PIPE and special capital marketplaces advisor to Tailwind Two. Goldman Sachs served as fiscal advisor to Tailwind Two. Houlihan Lokey supplied extra financial tips to Tailwind Two. Jefferies served as distinctive economic advisor and cash markets advisor to Terran Orbital. Kirkland & Ellis LLP acted as legal counsel to Tailwind Two and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Terran Orbital.
About Tailwind Two Acquisition Corp.
Prior to the completion of the business blend, Tailwind Two was a blank check out corporation “for founders, by founders” – shaped for the objective of effecting a merger, cash share exchange, asset acquisition, share order, reorganization, or identical business enterprise combination with 1 or more founder-led firms in a sector getting disrupted by technological alter. Tailwind Two’s administration staff and directors have invested thoroughly in founder-operate corporations, with noteworthy achievement in the house industry. Tailwind Two was led by Chairman Philip Krim, and Co-Main Executive Officers Chris Hollod and Matt Eby.
About Terran Orbital
Terran Orbital Company (“Terran Orbital”), a major satellite maker of smaller satellites largely serving the United States aerospace and defense sector. Terran Orbital presents conclusion-to-end satellite remedies by combining satellite design, generation, start arranging, mission functions, and in-orbit guidance to meet the wants of the most demanding army, civil, and industrial shoppers. In addition, Terran Orbital is developing the world’s major, most advanced NextGen Earth Observation constellation to give persistent, serious-time earth imagery.
Learn much more at www.terranorbital.com
Unique Be aware Relating to Forward-Looking Statements
This push release incorporates selected ahead-searching statements, estimates, and projections delivered by Terran Orbital that reflect management’s sights with regards to the expected long term monetary and working performance of Terran Orbital. Forward-looking statements are statements that are not historic, which includes statements pertaining to operational and fiscal ideas, terms and effectiveness of Terran Orbital and other projections or predictions of the foreseeable future. Ahead seeking statements are generally determined by this kind of phrases as “job,” “feel,” “hope,” “foresee,” “intend,” “estimate,” “may possibly,” “will,” “should,” and “could” and identical expressions. These types of statements, estimates, and projections mirror many assumptions concerning expected results. Ahead-searching statements in this push launch may possibly involve, for instance statements about Terran Orbital’s sector and market place measurements long run possibilities expectations and projections relating to upcoming economical and operational effectiveness and benefits of Terran Orbital, and those variables set forth in the part entitled “Hazard Variables” and “Cautionary Be aware Relating to Forward-Seeking Statements Current market Rating and Other Sector Knowledge” in the Proxy Statement/Prospectus. As these assumptions may or may not demonstrate to be proper and there are many aspects which will affect Terran Orbital’s real success (lots of of which are further than Terran Orbital’s manage), there can be no assurances that any projected results are attainable or will be realized. Terran Orbital and Tailwind Two disclaim any intention or obligation to update or revise any forward-wanting statements no matter if as a final result of new info, long run occasions, or normally, other than as needed by regulation. Terran Orbital’s actual benefits might differ materially from these set forth in this press launch. Accordingly, no representations are built as to the accuracy, reasonableness or completeness of such statements, estimates, or projections.
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Sara Zick, [email protected]