By Chris Wack

Terran Orbital Corp. said Monday that it has entered into a note and warrant purchase agreement in which it received a $100 million investment from Lockheed Martin Corp. in exchange for convertible notes and warrants issued by Terran Orbital.

In connection with the investment, Terran Orbital and Lockheed Martin also entered into a new strategic cooperation agreement, which runs through 2035 and allows Terran Orbital to pursue a wider variety of opportunities with Lockheed Martin.

Terran Orbital said it intends to use the funds to buy additional satellite assembly space, increase module production, and satisfy working capital needs while expanding advanced manufacturing abilities.

Terran Orbital shares were up 11%, to $2.84, in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 31, 2022 07:42 ET (11:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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