LA PLATA, Maryland — Small satellite builder Terran Orbital Corp., whose liquidity is under stress from a loan covenant later this year, is looking at two potential life buoys: The first is small but watertight. The second is much larger but may not float.

The first one is the $1-per-share takeover bid from minority shareholder, and major customer, Lockheed Martin. Terran has been assessing the offer in the past month and its ongoing “strategic review” was cited for cancelling its scheduled April 2 investor call on its 2023 . . .

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