The Space Investor - 🚀 Terran Orbital Seeks Buyer

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• The company is discussing an agreement with investors to sell stock from insiders at a purchase offer of $97 per share, according to sources.
   
• This is a +20% increase in valuation since the last employee tender offer in July 2023 at $150B. SpaceX typically conducts these secondary offerings about twice a year.
   
• This offering is not a fresh capital raise and is expected to close in January.

• On Monday morning, the WSJ reported that the satellite maker was "looking to sell itself" and is "seeking bids by the end of the month and has attracted interest from potential strategic and financial buyers in the US and Europe."
   
• CEO Marc Bell addressed these rumors to employees over email shortly after noting "the WSJ got the story very wrong" and that “we are working with them to correct. My goal is to keep us independent and turn us into a Prime. Nothing has changed. The company recently sued one of the Sophis idiots and we will be suing them all in due course. They will eventually go away.” 🔥spicy
   
• He continued, noting that “We are not looking for a buyer." He rather told staff that IF the Board decided on a take-private deal, Bell and a business partner would acquire the company themselves.
   
• In a follow-up (and contradictory) SEC filing, LLAP confirmed it is "conducting a formal review of strategic alternatives to maximize shareholder value. The Company has engaged Jefferies to provide transaction advisory services in connection with this process, which may include an investment, sale of the Company, take private transaction or an alternative strategic relationship."
   
• LLAP shares finished the week -14.2% lower. Lets see what emerges of this.

• Cash & Equivalents: $315M
• Revenue: $55M, +11% YoY
• Net Loss: $(38)M vs. $(40)M
• Adj. EBITDA: $(12)M vs. $(13)M
• Shares: -5.5%

• iQPS, or Institute for Q-shu Pioneers of Space, is a provider of synthetic aperture radar (SAR) satellite imagery and raised $23.7M in proceeds.
   
• Upon IPO pop, shares traded up to ¥860 per share after a five hour delay due to a glut of buy orders. Shares soon faced heavy selling to close the day at ¥710, valuing the company at $169M. 
   
• iQPS is the second space IPO to list on the Tokyo Growth Market following ispace inc's ($9348) debut in April 2023.
   
• CEO Shunsuke Onishi stated: "We chose the best IPO timing to secure enough funds to launch more satellites and get frequent data. That is the most important thing to maximize SAR satellites' uninterrupted observation capabilities."

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