Terran Orbital Corp. (LLAP) shares are gaining more than 10 percent on Monday morning trade after the company announced that its board adopted a limited-duration stockholder rights plan. The Rights Plan follows a non-binding acquisition proposal from Lockheed Martin Corp. on March 1, 2024.
According to Terran, the rights plan will reduce the likelihood that any person or group gains control of the Company through open market accumulation, or other coercive tactics. Further, the rights plan will help anyone seeking to acquire the company, including Lockheed Martin, will help negotiate with the Board.
Under the Rights Plan, the Company will issue one right for each outstanding common stock to stockholders on record March 14, 2024.
The Rights Plan will expire on the first anniversary of the date and the Board may consider an earlier termination.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.