{"id":51884,"date":"2024-02-05T23:19:50","date_gmt":"2024-02-05T15:19:50","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/terran-orbital-works-out-differences-with-concerned-shareholders\/"},"modified":"2024-02-05T23:19:50","modified_gmt":"2024-02-05T15:19:50","slug":"terran-orbital-works-out-differences-with-concerned-shareholders","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/terran-orbital-works-out-differences-with-concerned-shareholders\/","title":{"rendered":"Terran Orbital Works Out Differences With Concerned Shareholders"},"content":{"rendered":"<\/p>\n

Terran Orbital<\/strong> on Monday said it has reached agreement with a group of investors that had been seeking management and other changes, including the replacement of current CEO Marc Bell, although the only concrete change appears to be moving forward with filling a board seat that has been vacant since July 2022.<\/p>\n

The concerned investor group, which owns just over 8% of the satellite manufacturer, also wanted the chairman and CEO roles to be separated, and for Terran to conduct a review of strategic alternatives. Bell is also the chairman.<\/p>\n

Under the agreement, Terran said it will continue to work to enhance shareholder value and review corporate governance.<\/p>\n

\u201cThe 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\u2019s operations, financial performance (including potential opportunities for cost reduction), and corporate governance, among others,\u201d Terran said as part of its statement.<\/p>\n

Bell described the agreement as \u201camicable\u201d and that the company and the investor group are \u201cholding hands\u201d going forward.<\/p>\n

\u201cAll agree we need to maximize shareholder value,\u201d Bell told Defense Daily<\/em>. Getting to that agreement was not easy, he said, adding that it came down to a reaching a point of \u201ccommonality\u201d between the sides.<\/p>\n

The investor group consists of Sophis Investments, Roark\u2019s Drift, Tassos Recachinas, Joseph Roos, Jordi Puig-Suari, Roland Coelho, and Austin Williams. Puig-Suari, Coelho, and Williams co-founded Tyvak Nano-Satellite Systems, which was acquired by Terran a decade ago.<\/p>\n

\u201cWe are pleased that we have aligned with Terran Orbital\u2019s management team and board and appreciate the Company\u2019s commitment to driving value enhancing initiatives in the best interest of all stockholders,\u201d Recachinas, president and chief investment officer of Sophis Investments, said in a statement. \u201cWe also appreciate the constructive relationship we have developed with the company and look forward to working with the board, including filling the currently vacant board seat, as the company moves forward on its strategic initiatives.\u201d<\/p>\n

Last December, Terran disclosed it is formally reviewing its strategic alternatives, which include a potential sale of the company, an investment, going private, \u201cor an alternative strategic relationship.\u201d Lockheed Martin is an investor in Terran and a key customer, using the company\u2019s satellite buses for spacecraft it is providing the Space Development Agency.<\/p>\n

Bell said the review of strategic alternatives began before the dust-up with the concerned investor group. The review was first reported by the Wall Street Journal<\/em> in December.<\/p>\n

Terran\u2019s board consists of eight members including six independent directors. The board\u2019s governance committee will manage the search for a new independent member to fill the vacancy, which will bring the board to nine directors once filled. Bell said Terran\u2019s management will \u201ccollaborate\u201d with the investor group on the process.<\/p>\n

The board seat became vacant when Anthony Previte, who co-founded Terran along with Bell, died.<\/p>\n

This story was first published by Defense Daily<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Terran Orbital on Monday said it has reached agreement with a group of investors that had been seeking management and other changes, including the replacement of current CEO Marc Bell, although the only concrete change appears to be moving forward with filling a board seat that has been vacant since July 2022. The concerned investor group, […]<\/p>\n","protected":false},"author":1,"featured_media":50770,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-51884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51884"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=51884"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/50770"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=51884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=51884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=51884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}