Terran Orbital enters agreement with investor group on board appointment

Terran Orbital has entered into an agreement with the investor group comprised of Sophis Investments, Sophis GP, Tassos Recachinas, Roark’s Drift, Joseph Roos, Jordi Puig-Suari, Roland Coelho, and Austin Williams. Under the terms of the Agreement, the company’s Board, in consultation with the Investor Group, has agreed to identify and appoint an independent director to fill its vacant seat caused by the passing of Anthony Previte. The company remains committed to exploring a number of value creating initiatives as part of its ongoing strategic review process, including those related to the company’s operations, financial performance – including potential opportunities for cost reduction -, and corporate governance, among others. In connection with the agreement, the parties have also agreed to customary standstill voting, and other commitments.