Independent Directors of Terran Orbital Publish Letter to Shareholders
19 Outubro 2023 - 9:02PM
Business Wire
Today, the independent directors of the Board of Directors of
Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the
“Company”) issued an open letter to the Company’s shareholders. The
Board’s letter is in response to an October 11, 2023 letter sent by
a shareholder group led by Sophis Investments LLC (the “Sophis
Letter”). The Sophis Letter advocated certain corporate governance
changes, including replacing the Company’s Chairman and CEO, and
recommended that the Board undertake a strategic review. The Board
has considered the recommendations in the Sophis Letter and other
more detailed recommendations previously presented to management by
Sophis Investments. The full text of the Board’s letter
follows.
To Fellow Shareholders of Terran Orbital:
Terran Orbital’s Board of Directors and management team
maintains an ongoing dialogue with shareholders and welcomes input
about the Company’s strategy, performance and governance. The Board
recently received a letter from a shareholder group led by Sophis
Investments that made certain recommendations, including related to
the status of Marc Bell as CEO and Chairman. Since then, many of
Terran Orbital’s constituencies, including shareholders, customers
and other business partners, have reached out to the Company for
its perspective on the letter.
As the independent directors of Terran Orbital, we are writing
to communicate our continued and unqualified support for Marc and
the Company’s entire management team. We believe the Company has
achieved a number of strategic successes in the last year that
demonstrate management’s progress in transforming the Company into
an industry leader – from its successful delivery of ten satellite
buses as part of the Space Development Agency’s Tranche 0 program,
to the launch of its new family of seven standard bus platforms
covering a wide array of customer solutions, to its Responsive
Space Initiative that commits to deliver standard buses to
customers within 30 days of order and complete satellite systems
with integrated payloads within 60 days.
We are always open to value-creating ideas from shareholders and
others. The Board is continuously engaged in reviewing strategic
options that are presented to it by management and its advisors.
Consequently, we have reviewed the Sophis Investments
recommendations related to a strategic assessment and roadmap and
have concluded that it does not offer any novel or innovative
alternatives that the Company has not already considered and that
the Company’s current strategy remains the best course for
maximizing long-term shareholder value.
We welcome constructive shareholder feedback and will continue
to consider such input while navigating the best path forward for
the Company and its shareholders.
On behalf of the entire Board, thank you for your continued
support of Terran Orbital.
Sincerely,
The Independent Directors of Terran Orbital Corporation:
Stratton Sclavos, Lead Independent
Director
James LaChance
Richard Newton
Douglas Raaberg
Tobi Petrocelli
Thomas Manion
About Terran Orbital
Terran Orbital is a leading manufacturer of satellite products
primarily serving the aerospace and defense industries. Terran
Orbital provides end-to-end satellite solutions by combining
satellite design, production, launch planning, mission operations,
and on-orbit support to meet the needs of the most demanding
military, civil, and commercial customers. Learn more at
www.terranorbital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019625420/en/
Media Contact Public Relations pr@terranorbital.com
949-508-8484
Investor Relations Contact Jonathan Siegmann
ir@terranorbital.com 949-202-8476
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