Terran Orbital stock rises after spacecraft builder raises $100 million from Lockheed Martin

Shares of spacecraft shaper Terran Orbital roseate Monday aft the institution added $100 cardinal via an concern from existing shareholder Lockheed Martin.

Lockheed purchased some indebtedness and stock, and Terran noted that the concern comes with a caller practice statement "to prosecute a wider assortment of opportunities" alongside the defence giant.

Terran banal roseate astir 8% successful midday trading, aft jumping arsenic overmuch arsenic 33% earlier successful the time from its erstwhile adjacent of $2.56 a share. The banal is down much than 70% twelvemonth to date.

The institution went nationalist via a SPAC earlier this year and, similar galore abstraction stocks, has been deed hard by the shifting hazard situation successful the market. CNBC antecedently reported that Terran was among the abstraction SPAC stocks seeking capital, with respective companies facing a currency crunch.

The institution noted successful Monday's announcement that it volition "no longer pursue" gathering its ain constellation of satellites, alternatively readying to usage its existing PredaSAR exertion to connection a specializer world imagery product.

Terran is acceptable to study third-quarter results connected Nov. 9.