The Space Investor - 🚀 LMT Bids $600M To Acquire LLAP

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• On Friday, Lockheed filed a Schedule 13D with the SEC to submit a non-binding proposal to acquire Terran in a merger transaction at $1.00 per share. The near ~$600M valuation is comprised from the aggregate outstanding common stock, warrants and debt.
   
• The terms remain subject to completion of due diligence review, negotiation and agreement on transaction structure along with approval by Lockheed's Board of Directors and Shareholders.
   
• If the proposed transaction is finalized, Terran's stock will be delisted from the NYSE. Shares were +3.7% in the after hours trade.
   

• In November 2023, Chris Kemp (CEO) and Adam London (CTO) submitted a non-binding proposal to an independent committee of the Board of Directors to acquire the Company at $1.50 per share in cash, which represented a 103% premium of share price at the time.
   
• This week, a third proposal was sent to acquire the Company at $0.50 per share in cash, contingent on $20M of cash on the balance sheet at closing. The two C-suite members cited the following reasons for the reduction: 
  • Continued cash burn
  • Higher non-operating expenses
  • Insufficient cash to support go-forward operations
  • An alternative to imminent bankruptcy
     
• Under the revised proposal, Mr. Kemp and Mr. London note they anticipate raising $45M overall to take ASTR private, of which ~$7.7M would go to shareholders.
   

• $RKLB
  • Cash & Equivalents: $163M
  • Revenue: $245M, +16% YoY
  • Net Loss: $(183)M vs. $(1356)M
  • Adj. EBITDA: $(91)M vs. $(39)M
  • Shares: -2.6%
     
• $SPCE
  • Cash & Equivalents: $982M
  • Revenue: $7M, +250% YoY
  • Net Loss: $(502)M vs. $(500)M
  • Adj. EBITDA: $(427)M vs. $(431)M
  • FCF: $(493)M vs. $(397)M
  • Shares: -7.9%
     
• $BKSY
  • Cash & Equivalents: $53.1M
  • Revenue: $95M, +45% YoY
  • Net Loss: $(54)M vs. $(74)M
  • Adj. EBITDA: $(1)M vs. $(30)M
  • Shares: -10.4%
     
• $MDA
  • Cash & Receivables: $375M
  • Revenue: $808M, +26% YoY
  • Net Income: $98M, +24% YoY
  • Adj. EBITDA: $174M, +10% YoY
  • Backlog: $3.1B, +125% YoY
  • Shares: +0.6%
     
• $GSAT
  • Cash & Equivalents: $57M
  • Total Revenue: $224M, +51% YoY
  • Net Loss: $(25)M vs. $(257)M
  • Adj. EBITDA: $117M, +103% YoY
  • Shares: -16.7%
     
• $GILT
  • Cash & Equivalents: $104M
  • Revenue: $266M, +11% YoY
  • Net Income: $24M vs. $(6)M YoY
  • Adj. EBITDA: $37M, +44%
  • Shares: -5.2%
     
• $SATS
  • Cash & Equivalents: $2.4B
  • Revenue: $17B, -8% YoY
  • Net Income: $(2)B vs. $3B YoY
  • OIBDA: $1.3B, -61% YoY
  • Shares: +0.8%

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