Terran Orbital Corporation Adopts Limited Duration Stockholder Rights Plan; Independent Committee of the Board will Determine Course of Action in Best Interest of all Stockholders
Terran Orbital Corporation (NYSE:LLAP) ("Terran Orbital" or the "Company"), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, today announced that the Company's Board of Directors (the "Board") adopted a limited duration stockholder rights plan (the "Rights Plan"), which is intended to enable all stockholders to realize the full value of their investment in Terran Orbital. The Board adopted the Rights Plan following a non-binding proposal (the "Lockheed Proposal") from Lockheed Martin Corporation ("Lockheed Martin") on March 1, 2024 to acquire all outstanding shares of the Company's common stock for cash. Consistent with its fiduciary dutie
