06:03 AM EDT, 05/03/2024 (MT Newswires) -- Terran Orbital ( LLAP ) tumbled more than 17% in Friday's premarket activity after Lockheed Martin (LMT) on Thursday reportedly abandoned a $300 million bid to buy the company.

In a statement issued after reports that a deal was off, Terran Orbital ( LLAP ) said it is undergoing a "strategic review" that will enable the satellite and aerospace company to "explore all options" to maximize shareholder value.

The company also praised defense giant Lockheed Martin, with which it has a partnership deal ending in 2035. "We remain committed to exceeding customer expectations and delivering cutting-edge satellite solutions," the company said.

Price: 1.0700, Change: -0.22, Percent Change: -17.05