Intuitive Machines (LUNR) announced that it has commenced an underwritten public offering of $65M of shares of its Class A common stock. Additionally, on December 2, the company entered into an agreement with Boryung Corporation, an accredited investor, pursuant to which the company will sell to Boryung $10M 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 company 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 Intuitive Machines OpCo will in turn use for general corporate purposes, including operations, research and development and potential mergers and acquisitions. BofA Securities, Cantor, Barclays and Stifel are acting as the lead joint book-running managers for the Offering. Roth Capital Partners is acting as a book-running manager for the Offering.
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