Lockheed Martin is buying Terran Orbital, the company announced Thursday.
Lockheed would acquire Terran Orbital's outstanding common stock at 25 cents a share in cash. Terran's stock closed at 40 cents a share on Wednesday.Expected to close in the fourth quarter, the deal would help Terran dodge a cash-and-debt cliff that the company is staring down. Terran's cash reserves were less than $15 million at the end of July, it reported in.
. Lockheed Martin is also an important customer for Terran, making up 70% of Terran's $30.4 million in revenue during the second quarter.. But the deal has yet to drive meaningful funds for Terran, which reported that it recognized just $6.2 million from the Rivada agreement in the first half of this year.
On Monday, Terran said it was removing the Rivada deal from its total contract backlog — which reduced the backlog of orders by 88%, from $2.7 billion to $312.7 million. Of its non-Rivada orders, 91% of Terran's contracts are"programs associated with Lockheed Martin."
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