The Clap
Shares of Spacecraft manufacturer Terran Orbital had a wild New York Stock Exchange (NYSE) debut, to eventually close the day down 1.7%.
More on Terran Orbital
Terran Orbital, which began trading under the ticker “LLAP” (a reference to the Star Trek saying “live long and prosper”), manufactures small satellites for commercial & military use.
The company currently has a backlog revenue of $200 million to manufacture satellites for NASA & the U.S. Pentagon.
Why this matters
Terran Orbital went public via a SPAC merger, a route several space companies chose to take including Virgin GalacticNYSE: SPCE), Rocket Lab (NASDAQ: RKLB), Astra (NASDAQ: ASTR), & Planet (NYSE: PL).
Terran plans to use the funding proceeds to expand, hire & train talent.
