Intuitive Machines Public Offering
Intuitive Machines, a space exploration and infrastructure company, has priced its public offering of approximately 9.52 million shares.
The offering is being managed by a group of underwriters including BofA Securities, Cantor Fitzgerald, Barclays (LON:BARC), Stifel, and Roth Capital Partners (WA:CPAP). Following the news, shares in Intuitive Machines fell by 15%.
The proceeds from the offering are earmarked for the acquisition of an equivalent number of newly-issued common units from Intuitive Machines OpCo. Additionally, the company has agreed to a concurrent private placement, issuing 952,381 shares of Class A Common Stock to Boryung Corporation.
The combined net proceeds from both the public offering and the private placement are anticipated to be around $104.25 million.
Notably, the price at which the shares were offered represents a 25.8% discount to the stock's last closing price.
Despite the recent fall, Intuitive Machines' shares have experienced a significant increase of 86.7% over the past month. The company's market capitalization stands at $1.99 billion, and the 50-day moving average is currently $9.62.
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