Terran Orbital Corp.’s shares declined as the maker of small satellites made its trading debut, the latest commercial-space SPAC stock to stumble amid volatility in the industry.
Terran began trading Monday on the New York Stock Exchange after completing a merger last week with Tailwind Two Acquisition Corp., a special purpose acquisition company. Terran received about $255 million in gross proceeds from the transaction with Tailwind, run by Philip Krim, the co-founder and former CEO of Casper Sleep Inc.
Terran shares fell 11% at 11:09 a.m. in New York.
The company, based in Boca Raton, Florida, manufactures small satellites for commercial and military use. Terran said Monday that its backlog has grown to more than $200 million, with revenue last year topping $40 million.
The space industry has been tough for SPAC stocks this year, with Astra Space Inc., Virgin Galactic Holdings Inc. and Momentus Inc. each down more than 25%.