Benzinga | Oct 29, 2021 06:16AM EDT

Satellite Firm Terran Orbital Aims To Go Public Via $1.58B SPAC Merger With Tailwind Two Acquisition

* Satellite maker Terran Orbital Corp aims to go public via a special purpose acquisition company (SPAC) merger with Tailwind Two Acquisition Corp (NYSE:TWNT). The transaction is worth $1.58 billion.

* The combined company will operate as Terran Orbital Corporation (NYSE:LLAP), with plans to list on the NYSE under the symbol LLAP.

* Terran designs and builds satellites for customers, including the National Aeronautics and Space Administration, the U.S. Defense Department, and EchoStar Corp (NASDAQ:SATS), the Wall Street Journal reports.

* Terran is developing its constellation of low-Earth-orbit satellites. Next year, it plans to launch targeting customers like shippers that need to track their vessels and governments monitoring conflict zones.

* Casper Sleep Inc (NYSE:CSPR) CEO leads the SPAC. The Tailwind merger gives Terran access to $345 million held by the SPAC.

* Terran will also get $125 million in additional debt commitments from investors, including Lockheed Martin Corp (NYSE:LMT), an existing Terran investor and customer, and private-equity firms AE Industrial Partners and Francisco Partners.

* On September 27, 2021, Terran Orbital revealed plans to develop a $300 million, 660,000 sq.ft. space manufacturing facility on the Space Coast of Florida.

* Terran Orbital noted the newly constructed facility could produce over 1,000 satellites and space vehicles annually upon completion.

* Price Action: TWNT shares traded higher by 6.47% at $10.53 in the premarket session on the last check Friday.