Three-legged team: Terran Orbital, Rivada Space are mutually dependent. If one fails, so does the other. But one’s private

by Peter B. de Selding

PARIS — Terran Orbital Chief Executive Marc Bell told investors in August:

“The last thing anyone wants to do is raise cash. As a shareholder, I don’t want the dilution. If things work out as planned we’ll be in pretty good shape.”

Bell was right about the pain of raising cash and the resulting dilution. But things did not work out as planned, and Terran was forced to raise cash on Sept. 20, issuing new stock and warrants that netted just under $30 million and diluting . . .

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