Intuitive Machines Secures $110 Million in Stock Offering

Intuitive Machines Announces Upsized $110 Million Stock Offering

Intuitive Machines, Inc. (Nasdaq: LUNR, LUNRW) has recently detailed a significant upsized offering of Class A common stock. As a prominent player in the space exploration industry, the Company has priced the offering at $10.50 per share, involving around 9,523,810 shares. This strategic move is set to enhance the Company’s capacity in its ongoing commitment to lunar exploration and related technologies.

Structure of the Offering

Within this offering framework, Intuitive Machines has extended a 30-day option to underwriters, allowing them to purchase additional shares—specifically, up to 1,275,714 shares from the Company and 152,857 shares from a selling stockholder. This option demonstrates the Company's confidence in its market position and provides flexibility during the offering phase. The anticipated closing date for this offering is set for December 5, ensuring a timely collaboration with interested investors.

Private Placement Component

As part of the broader offering strategy, the Company will also engage in a concurrent private placement. This will involve the issuance of 952,381 shares of Class A Common Stock to Boryung Corporation, a noted accredited investor. Such private placements are instrumental for companies like Intuitive Machines, as they not only provide immediate capital but also strengthen relationships with influential investors in the space sector.

Use of Proceeds

Intuitive Machines anticipates garnering approximately $104.25 million in net proceeds from both the offering and the private placement. This capital will enable the Company to secure newly-issued common units from Intuitive Machines OpCo, streamlining operations and supporting critical developments in research, operations, and potential acquisitions. The Company's commitment to its growth trajectory is evident in its robust plans for expanding its operational capabilities through these funds.

Industry Recognition and Strategic Partnerships

The lead managers for this offering include reputable firms such as BofA Securities and Barclays, both of which are vital players in the underwriting space. Their involvement signifies the potential growth and reliability associated with Intuitive Machines. As the Company positions itself to disrupt lunar access economics effectively, collaborations with established financial entities pave the way for achieving its ambitious objectives.

Compliance and Regulatory Framework

Intuitive Machines remains committed to maintaining compliance with securities regulations, leveraging a previously effective shelf registration statement filed with the Securities and Exchange Commission (SEC). This clear pathway ensures that all offerings and sales comply with necessary regulations, reinforcing the Company’s dedication to transparency and good governance.

Focus on Future Lunar Missions

The Company continues to capitalize on its recent successes, notably the successful landing of its Nova-C class lunar lander, Odysseus, bringing the United States back to the lunar surface. Such milestones underscore the innovative spirit at Intuitive Machines, focusing on expanding access to lunar resources and shaping the future narrative of space exploration.

About Intuitive Machines

Intuitive Machines is a pioneering diversified company specializing in space exploration and infrastructure. Its vision is to fundamentally change the economics of lunar access. The Company's various business units, including Lunar Access Services and Orbital Services, aim to deliver extraordinary value and capabilities in the space industry.

Frequently Asked Questions

What is the total amount raised through the offering?

The total amount raised through the offering is approximately $110 million.

How will the funds from the offering be used?

The funds will be used for general corporate purposes, including operations, research, and potential mergers and acquisitions.

Who are the lead managers for the offering?

BofA Securities, Cantor, Barclays, and Stifel are acting as lead managers for the offering.

What does the private placement involve?

The private placement involves the issuance of shares of Class A common stock to Boryung Corporation.

What recent achievement has Intuitive Machines accomplished?

Intuitive Machines successfully landed its Nova-C class lunar lander, Odysseus, on the Moon, marking a significant milestone in American lunar exploration.

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