Intuitive Machines (LUNR) Prices Upsized $110M Stock Offering and Concurrent Private Placement
Intuitive Machines priced its upsized public offering by the issuance of 9.52 million shares of Class A common stock at $10.50/sh.
(Houston, Texas) Space exploration, infrastructure and services company Intuitive Machines (NASDAQ: LUNR) has priced its upsized public offering by the issuance of 9.52 million shares of Class A common stock at $10.50/share, per Seeking Alpha, with an expected closing date of December 5th.
Photo courtesy of Intuitive Machines.
The underwriters’ overall allotment is an additional 1.28M shares and 0.15M shares of Class A common stock from the company and such selling stockholder, respectively, per Seeking Alpha. Additionally, the company plans to issue 952,381 Class A common stock shares to Boryung Corporation, an accredited investor, at the public offering price, in a private placement agreement (the private placement is contingent on the offering’s completion and certain closing conditions, while the offering’s completion is not).
Post-underwriting discounts and commissions, Intuitive Machines expects net proceeds of around $104.25 million, which will be used to acquire new common units of Intuitive Machines, LLC from Intuitive Machines OpCo, which will use the proceeds for general corporate purposes, per Seeking Alpha.
LUNR shares were down > 12% in premarket trading at ~ $12.39 this morning.
** Not investment advice; The FLY Report is not a registered investment advisor.
