TAMPA, Fla. — Terran Orbital will address shareholder concerns about its growth prospects in a virtual town hall event Oct. 26 during what is usually a quiet period for a public company just weeks away from announcing earnings.
“This is an out-of-the-box idea to try to improve communications,” CEO and chairman Marc Bell told SpaceNews in an Oct. 25 interview.
The town hall comes amid calls from some of the small satellite maker’s minority investors for management changes to reverse declining shares. Those changes include replacing Bell as CEO and separating the chairman and CEO roles.
Bell said the town hall event has nothing to do with an Oct. 11 letter from investors collectively holding 8.4% of Terran Orbital — including three engineers who co-founded its primary operating subsidiary Tyvak, which called for leadership changes in addition to a strategic review to improve market credibility.
“It has to do with my stock price being under $1 and people not understanding what’s going on here,” Bell continued.
The New York Stock Exchange warned Boca Raton, Florida-headquartered Terran Orbital Oct. 20 it would be booted off the public market if it does not have an average closing share price of at least $1 over a calendar month during the next six months.
Terran Orbital’s shares fell below the $1 mark a month ago and closed at $0.83 Oct. 25, after declining from around $10 soon after its market debut in March 2022.
The manufacturer started trading shares after merging with a special purpose acquisition company (SPAC), a financial vehicle for rushing businesses to the public market that has proved controversial in the space industry. Other space firms that went public via SPAC mergers are also underperforming as some of them have wildly missed their revenue projections.
According to Bell, Terran Orbital’s poor stock performance is partly due to investors linking the company to other space firms that have merged…
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