Boca Raton-based satellite builder Terran Orbital is looking to issue additional shares in the company worth a maximum total of $98 million (€90.3m). Terran is limited as to what it can raise by issuing new shares.

Terran Orbital has Lockheed Martin (LM) as a major shareholder. LM and certain other shareholders have undertakings from Orbital which limit its cash-raising possibilities. Terran needs LM’s permission to offer for sale the maximum number of shares under the plan, and thus raise the maximum of $98 million.

It currently has 204.13 million shares in issue. This number is expected to grow to 230.49 million. The extra cash will be used for general business needs.

Terran, in a prospectus which accompanied the offering, admitted that existing shares will be diluted by at least $1.25 per share in value.

Terran is building satellites for LM but its greatest work-in-progress is a 300 satellite order from Rivada Space Networks.

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Categories: Articles, Business, Funding, Satellite

Tags: Lockheed Martin, rivada, Terran Orbital