Small satellite builder Terran Orbital has completed its merger with Tailwind Two Acquisition Corp. and the combination raised $255.4 million in gross proceeds via the transaction.
Tailwind Two said Friday the combined entity will operate under the name Terran Orbital and officially go public Monday on the New York Stock Exchange.
“The capital raised through this transaction along with our new access to the public markets will enable us to continue to expand upon our manufacturing capabilities and launch one of the most advanced earth observation constellations of small satellites on the planet,” said Marc Bell, co-founder, chairman and CEO of Terran Orbital.
The deal was first announced in October 2021 and sources of the total money raised include Tailwind Two’s cash-in-trust and a private placement of ordinary shares.
Lockheed Martin (NYSE: LMT) participated in the PIPE and debt financing processes in connection with the transaction.