Intuitive Machines Announces $20 Million Equity Investment

Insider Brief:

• Intuitive Machines announced it has entered into a definitive securities purchase agreement with a certain institutional investor for the issuance and sale of stock and warrants in exchange for a US $20 million equity investment.
•  The agreement is expected to close on September 5, 2023.
• Intuitive Machines intends to use the net proceeds for general corporate purposes and working capital needs as the company ramps activity across key growth programs.

PRESS RELEASE — Houston / August 31, 2023 — Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a leading space exploration, infrastructure, and services company, today announced it has entered into a definitive securities purchase agreement with a certain institutional investor for the issuance and sale of stock and warrants in exchange for a $20 million equity investment. The agreement is expected to close on September 5, 2023, subject to customary closing conditions.

Intuitive Machines intends to use the net proceeds for general corporate purposes and working capital needs as the Company ramps activity across key growth programs. As a result of this investment, the Company does not currently expect the need to utilize the previously disclosed and unused $50 million Committed Equity Facility.

Intuitive Machines CEO Steve Altemus said:

“We continue to execute and lead the development of lunar space with the expected launch of IM-1 mid-November, and IM-2, IM-3 launches in 2024. In addition, we have started the transition of NASA’s $719 million OMES III contract and expect revenue to begin in Q4. This equity investment will help ensure a smooth transition and provide the working capital needed to execute for our customer on day 1.”

“We continue to be disciplined and opportunistic with capital. Given the timing of milestone-based payments, we elected to strengthen our balance sheet defensively, as we grow and execute on new programs,” said CFO Erik Sallee.

The stock and warrants mentioned in this Press Release have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the stock and warrants issuable in connection with the investment. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. For further information, please see the Company’s current report on Form 8-K to be filed with the SEC on or around the closing date.

Advisors

Cantor Fitzgerald & Co. is acting as the lead-placement agent. ROTH MKM is acting as the co-placement agent.

Latham & Watkins LLP acted as legal counsel for the Company. DLA Piper LLP (US) acted as legal counsel for the placement agents.

Contact Information:

For investor inquiries:
[email protected]

For media inquiries:
[email protected]

SOURCE: Intuitive Machines

Featured image: Credit: Intuitive Machines

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