Terran Orbital Corporation (NYSE: LLAP), a global leader in
satellite solutions, primarily serving the United States and Allied
aerospace and defense industries, today announced that it has been
selected to be included in the Russell 3000® Index at
the conclusion of the 2022 Russell indexes annual reconstitution,
effective after the U.S. market opens today, Monday, June 27,
2022.
Annual Russell indexes reconstitution captures the 4,000 largest
US stocks as of May 6, ranking them by total market capitalization.
Membership in the US all-cap Russell 3000® Index,
which remains in place for one year, means automatic inclusion in
the large-cap Russell 1000® Index or small-cap Russell
2000® Index as well as the appropriate growth and
value style indexes. FTSE Russell determines membership for its
Russell indexes primarily by objective, market-capitalization
rankings and style attributes.
Russell indexes are widely used by investment managers and
institutional investors for index funds, and as benchmarks for
active investment strategies. Approximately $12 trillion in assets
are benchmarked against Russell’s US indexes. Russell indexes are
part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and
the Russell indexes reconstitution, go to the “Russell
Reconstitution” section on the FTSE Russell website.
Forward Looking Statements This press release contains,
and the Company’s officers and representatives may from time to
time make other public written and verbal announcements that
contain, “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 contained in the Private Securities Litigation Reform
Act of 1995, Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities and Exchange Act of 1934, as
amended. All statements, other than statements of present or
historical facts, contained in this press release, regarding our
future financial performance as well as statements regarding our
business strategy, future operations, future financial position,
estimated revenues and losses, projected costs, earnings outlooks,
prospects, expectations, plans and objectives of management,
including without limitation our 2022 outlook, are forward-looking
statements. Forward-looking statements are typically identified by
such words as “plan,” “believe,” “expect,” “anticipate,” “intend,”
“outlook, “estimate,” “forecast,” “project,” “continue,” “could,”
“may,” “might,” “possible,” “potential,” “predict,” “will,”
“should,” “would” and “could” and other similar words and
expressions, but the absence of these words does not mean that a
statement is not forward-looking. These forward-looking statements
involve a number of risks, uncertainties (many of which are beyond
our control), or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by the forward-looking statements contained in this press
release, including, but not limited to: expectations regarding our
strategies and future financial performance, including our future
business plans or objectives, anticipated cost, timing and level of
deployment of satellites, prospective performance and commercial
opportunities and competitors, the timing of obtaining regulatory
approvals, the ability to finance our operations, research and
development activities and capital expenditures, reliance on
government contracts and a strategic cooperation agreement with a
significant customer, retention and expansion of our customer base,
product and service offerings, pricing, marketing plans, operating
expenses, market trends, revenues, margins, liquidity, cash flows
and uses of cash, capital expenditures, and our ability to invest
in growth initiatives; the ability to implement business plans,
forecasts, and other expectations, and to identify and realize
additional opportunities; anticipated timing, cost and performance
of our Earth Observation Solutions’ planned satellite constellation
and our ability to successfully finance, deploy and commercialize
its business; anticipated timing, cost, financing and development
of our satellite manufacturing capabilities, including our proposed
new campus of approximately 660,000 square foot satellite
manufacturing facility (the “Space Florida Facility”); prospective
performance and commercial opportunities and competitors; our
ability to finance our operations, research and development
activities and capital expenditures; our success in retaining or
recruiting, or changes required in, our officers, key employees or
directors; our expansion plans and opportunities; our ability to
comply with domestic and foreign regulatory regimes and the timing
of obtaining regulatory approvals; our ability to finance and
invest in growth initiatives; our ability to deal appropriately
with conflicts of interest in the ordinary course of our business;
the outcome of any legal proceedings that may be instituted against
us; the ability to maintain the listing of our common stock and the
public warrants on the NYSE and the possibility of limited
liquidity and trading of such securities; geopolitical risk and
changes in applicable laws or regulations; the possibility that we
may be adversely affected by other economic, business, and/or
competitive factors; that we have identified material weaknesses in
our internal control over financial reporting which, if not
corrected, could affect the reliability of our consolidated
financial statements; the possibility that the COVID-19 pandemic,
or another major disease, disrupts our business; supply chain
disruptions, including delays, increased costs and supplier quality
control challenges; the ability to attract and retain qualified
labor and professionals and our reliance on a highly skilled
workforce, including technicians, engineers and other
professionals; we do not expect to become profitable in the near
future and may never achieve our profitability expectations, plus
we expect to generate negative cash flow from operations and
investments for the foreseeable future; our leverage and our
ability to service cash debt payments and comply with debt
maintenance covenants, including meeting minimum liquidity and
operating profit covenants; limited access to equity and debt
capital markets and other funding sources that will be needed to
fund operations and make investments, including investments in our
NextGen Earth Observation constellation and the Space Florida
Facility; delays and costs associated with developing our NextGen
Earth Observation constellation, Space Florida Facility and other
initiatives whether due to changes in demand, lack of funding,
design changes or other conditions or circumstances; litigation and
regulatory enforcement risks, including the diversion of management
time and attention and the additional costs and demands on our
resources; and the other risk factors disclosed in our filings with
the Securities and Exchange Commission (the “SEC”) from time to
time, including our Registration Statement on amended Form S-1
(File No. 333-264447), which was filed with the SEC on June 1, 2022
and our Form 10-Q for the quarterly period ended March 31,
2022.
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. New risk factors and
uncertainties may emerge from time to time and it is not possible
to predict all risks, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements we may make. You
should read this press release with the understanding that our
actual future results may be materially different from the
expectations disclosed in the forward-looking statements we make.
All forward-looking statements we make are qualified in their
entirety by this cautionary statement. The forward-looking
statements contained in this press release are made as of the date
of this press release, and we do not assume any obligation to
update any forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as required by
law.
About Terran Orbital Terran Orbital is a leading
manufacturer of small satellites primarily serving the United
States and Allied aerospace and defense industries. Terran Orbital
provides end-to-end satellite solutions by combining satellite
design, production, launch planning, mission operations, and
in-orbit support to meet the needs of the most demanding military,
civil, and commercial customers. Learn more at
www.terranorbital.com.
About FTSE Russell FTSE Russell is a global index leader
that provides innovative benchmarking, analytics and data solutions
for investors worldwide. FTSE Russell calculates thousands of
indexes that measure and benchmark markets and asset classes in
more than 70 countries, covering 98% of the investable market
globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $20
trillion is currently benchmarked to FTSE Russell indexes. For over
30 years, leading asset owners, asset managers, ETF providers and
investment banks have chosen FTSE Russell indexes to benchmark
their investment performance and create ETFs, structured products
and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220627005005/en/
Virginia Norder pr@terranorbital.com 949-508-6404
Terran Orbital (NYSE:LLAP)
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