Intuitive Machines descends on deep-discounted equity raise

Boryung

04/12/2024 12:28

**  Shares of space exploration co Intuitive Machines
 LUNR.O  down 17.7% premarket to $11.64 after overnight
follow-on priced
  
    ** Houston, Texas-based firm late Tues  ~9.5 mln shares at
$10.50, 25.8% discount to last sale, for offering size of $100
mln
  
    ** Co sold ~8.5 mln shares, while Timothy Crain, Intuitive
co-founder and chief technology officer, offloaded ~1 mln shares
  
    ** Offering size boosted from $65 mln. Click  for SEC
prospectus filing
  
    ** 
    Additionally, co sells 952,381 shares, worth $10 mln, to 
  
    
      
    
  
    
      
    
  
    ** Through Tues, LUNR shares have surged ~170% over the past
three months and are up more than five-fold YTD
  
    ** Last month, co  ~360% y/y jump in Q3 rev to $58.5 mln, 
NASA contracts to deploy relay satellites, and provide
communication and navigation services
  
    ** Co has ~140.4 mln shares outstanding for $2 bln market
cap and ~73.2 mln shares of public float, per LSEG
    
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))