Satellite builder Terran Orbital, already under considerable pressure from the NYSE because of its low share price, issued a statement (on a Form 8-K) to the SEC on December 11th which formally notifies shareholders that it is conducting a “formal strategic review” of its business.

Reports suggest that Terran is seeking a buyer or partner and wants bids in by the end of December.

“[We] have engaged investment bank Jefferies to provide transaction advisory services in connection with this process which may include an investment, sale of the company, a ‘take private’ transaction or an alternative strategic relationship.”

Terran’s shares fell 18.6 per cent to 19 US cents on the news. Terran stated that there was no set timetable for these discussions.

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Tags: terran, Terran Orbital