Terran Orbital Receives NYSE Continued Listing Standards Notice
22 June 2024 - 7:00AM
Business Wire
Terran Orbital Corporation (NYSE: LLAP), a global leader in
satellite-based solutions primarily serving the aerospace and
defense industries (the “Company”), today announced that, on June
17, 2024, it received written notice from the New York Stock
Exchange (the “NYSE”) that it is not in compliance with Section
802.01C of the NYSE Listed Company Manual because the average
closing price of the Company’s common stock was less than $1.00 per
share over a consecutive 30 trading-day period. The NYSE notice
does not result in the immediate delisting of the Company’s common
stock from the NYSE.
In accordance with applicable NYSE rules, the Company plans to
notify the NYSE that it intends to cure the stock price deficiency
and return to compliance with the applicable NYSE continued listing
standards. The Company can regain compliance at any time within a
six-month cure period following its receipt of the NYSE notice if,
on the last trading day of any calendar month during such cure
period, the Company has both: (i) a closing share price of at least
$1.00 and (ii) an average closing share price of at least $1.00
over the 30 trading-day period ending on the last trading day of
the applicable calendar month. The Company intends to remain listed
on the NYSE and is considering all available options to regain
compliance with the NYSE’s continued listing standards, including,
but not limited to, a reverse stock split, subject to stockholder
approval. Section 802.01C provides for an exception to the
six-month cure period if the action required to cure the price
condition requires stockholder approval, in which case, the action
needs to be approved by no later than the Company’s next annual
stockholder’s meeting.
The NYSE notice has no immediate impact on the listing of the
Company’s common stock, which will continue to be listed and traded
on the NYSE during such cure period, subject to the Company’s
compliance with other NYSE continued listing standards.
Furthermore, the Notice is not anticipated to impact the ongoing
business operations of the Company or its reporting requirements
with the U.S. Securities and Exchange Commission (the “SEC”).
About Terran Orbital
Terran Orbital is a leading manufacturer of satellite products
primarily serving the aerospace and defense industries. Terran
Orbital provides end-to-end satellite solutions by combining
satellite design, production, launch planning, mission operations,
and on-orbit support to meet the needs of the most demanding
military, civil, and commercial customers. Learn more at
www.terranorbital.com.
Forward-Looking Statements
This press release contains “forward-looking statements” for
purposes of the federal securities laws. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements under the US securities
laws. All statements, other than statements of present or
historical facts, contained in this press release, regarding the
listing of our common stock on the NYSE and expectations, plans and
objectives of management are forward-looking statements.
Forward-looking statements are typically identified by such words
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,
“estimate,” “will,” “should,” “would” and “could” and other similar
words and expressions. These forward-looking statements involve a
number of risks, uncertainties or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by the forward-looking statements, including,
but not limited to: our ability to implement business plans,
forecasts, and other expectations; our ability to finance and
invest in growth initiatives; the ability to get the stockholder
approval to effectuate a reverse stock-split, if necessary; and the
other risks disclosed in our Annual Report on Form 10-K filed with
the SEC on April 1, 2024 and the prospectus supplement dated
September 18, 2023 related to our Registration Statement on Form
S-3, as amended (File No. 333-271093), which was declared effective
by the SEC on April 18, 2023.
These forward-looking statements are based on management’s
current expectations, plans, forecasts, assumptions, and beliefs
concerning future developments and their potential effects. There
can be no assurance that the future developments affecting us will
be those that we have anticipated, and we may not actually achieve
the plans, intentions or expectations disclosed in our
forward-looking statements, and you should not place undue reliance
on our forward-looking statements.
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