Intuitive Machines, Inc. (NASDAQ: LUNR, LUNRW) has just announced the pricing of an upsized offering of 9,523,810 shares of its class A common stock at a price to the public of $10.50 per share. The company has also entered into a concurrent private placement with an accredited investor, Boryung Corporation, for the issuance of 952,381 shares of class A common stock at the same public offering price.
The net proceeds to the company from the offering and the private placement are expected to be approximately $104.25 million. This amount is after deducting underwriting discounts and commissions, but before estimated offering expenses payable by the company, excluding any exercise of the underwriters’ option to purchase additional shares.
Intuitive Machines intends to use the net proceeds it receives from the offering and the private placement, together with its existing cash, cash equivalents, and short-term investment balance, to acquire an equivalent number of newly-issued common units of Intuitive Machines, LLC 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 offering is expected to close on December 5, 2024, subject to customary closing conditions. BofA Securities, Cantor, Barclays, and Stifel are acting as the lead joint book-running managers for the offering, with Roth Capital Partners and B. Riley Securities as book-running managers, and The Benchmark Company as a co-manager.
It's important to note that the securities being offered and sold in the private placement have not been registered under the Securities Act or any state’s securities laws. As such, they may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.
Intuitive Machines, Inc. is a diversified space exploration, infrastructure, and services company that successfully landed its nova-C class lunar lander, Odysseus, on the moon in 2024, marking the return of the United States 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. Following these announcements, the company's shares moved 1.7%, and are now trading at a price of $12.2. If you want to know more, read the company's complete 8-K report here.
