submitted a bid to acquire spacecraft manufacturer , the defense giant revealed in a securities filing on Friday.
The nonbinding proposal would see Lockheed acquire Terran Orbital's outstanding common stock at $1 a share in cash, as well as pay $70 million for Terran's outstanding warrants and assume the company's $313 million in outstanding debt.
Together, the offer values Terran Orbital at just below $600 million. Terran Orbital stock closed at $1.07 a share on Friday.
Terran Orbital did not immediately respond to CNBC's request for comment.
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The small spacecraft maker at a . Like many space stocks, the yet-unprofitable company has been hit hard by the shifting risk environment in the market.
Lockheed Martin is already a significant stakeholder in Terran Orbital, with a 28.3% stake as of Friday, having bought in during the company's SPAC process .
Additionally, Lockheed noted in its letter to Terran Orbital management that the defense giant "continues to be Terran's largest revenue generating customer accounting."
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