Terran Orbital Shares Drop After Pricing $32.5M Equity Offering
Portfolio Pulse from Shivani Kumaresan
Terran Orbital Corp (NYSE:LLAP) has priced its public offering of 23.2 million shares and warrants at $1.40 per share and warrant. The company expects to raise approximately $32.5 million from the offering, which is expected to close on September 21, 2023. The proceeds will be used for general corporate purposes and administrative expenses. Following the announcement, LLAP shares dropped by 14.79% in premarket trading.
September 19, 2023 | 9:33 am
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Terran Orbital's public offering announcement led to a 14.79% drop in its share price in premarket trading.
The announcement of a public offering often leads to a drop in a company's share price due to the dilution of existing shares. In this case, Terran Orbital's share price dropped by 14.79% in premarket trading following the announcement.
CONFIDENCE 90
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RELEVANCE 100