Intuitive Machines, Inc. (NASDAQ: LUNR, LUNRW), a leading space exploration, infrastructure, and services company, has announced the commencement of an underwritten public offering of $65.0 million of shares of its class A common stock. The company and a selling stockholder also intend to grant the underwriters a 30-day option to purchase up to an additional $8,872,500 and $877,500 shares of class A common stock from the company and the selling stockholder, respectively.
Additionally, on December 2, 2024, the company entered into an agreement with Boryung Corporation, an accredited investor, to sell $10.0 million of shares of class A common stock in a concurrent private placement at a purchase price per share equal to the public offering price per share in the offering.
The net proceeds from the offering and the private placement, together with the company's existing cash, cash equivalents, and short-term investment balance, are intended to be used to acquire an equivalent number of newly-issued common units of Intuitive Machines, LLC ("Intuitive Machines Opco") from Intuitive Machines Opco, which will in turn be used for general corporate purposes, including operations, research and development, and potential mergers and acquisitions.
The underwriters for the offering include BofA Securities, Cantor, Barclays, and Stifel, with Roth Capital Partners acting as a book-running manager for the offering.
It's important to note that the offer and sale of the securities pursuant to the offering is being made pursuant to an effective shelf registration statement that was filed with the Securities and Exchange Commission (SEC) and became effective on April 3, 2024.
Intuitive Machines is a diversified space exploration, infrastructure, and services company focused on fundamentally disrupting lunar access economics and successfully landed the company’s Nova-C class lunar lander, Odysseus, on the moon in 2024, marking the United States' return to the lunar surface for the first time since 1972. The company's products and services are offered through its four in-space business units: lunar access services, orbital services, lunar data services, and space products and infrastructure. As a result of these announcements, the company's shares have moved -13.7% on the market, and are now trading at a price of $12.21. For the full picture, make sure to review Intuitive Machines's 8-K report.
