Terran Orbital Corp (LLAP) has issued an update.
Terran Orbital Corporation has launched a defensive strategy against hostile takeovers by enacting a Rights Agreement on March 4, 2024, offering shareholders a dividend of one preferred share purchase right for each common share held. These rights become exercisable under specific conditions, such as an unwanted party acquiring 15% of common stock, and can significantly dilute the acquirer’s stake, thereby protecting existing shareholders. The rights will expire three years from their declaration or one year if stockholder approval is not obtained. This move, which includes potential penalties for acquirers and benefits for current shareholders, aligns with the board-approved mergers and business combinations, ensuring the company’s interests are safeguarded.
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