Lockheed Martin Corporation (NYSE:LMT) entered into a non-binding proposal to acquire a remaining 71.7% stake in Terran Orbital Corporation (NYSE:LLAP) for $190 million on March 1, 2024. The terms and signing of the Proposed Transaction remain subject to certain conditions, including completion of a due diligence review, negotiation and agreement of transaction structure and transaction documents, and approval of the Proposed Transaction by LMC and by the Issuer?s board of directors and shareholders. No assurance can be given that definitive transaction agreements with respect to the Proposal will be entered into, the terms or conditions of any such agreements, or whether the Proposed Transaction will eventually be consummated.

The Reporting Persons do not intend to update additional disclosures regarding the Proposal unless and until a definitive agreement has been reached, or unless disclosure is otherwise required under applicable U.S. securities laws.