What's Going On With Intuitive Machines Stock Wednesday?

Intuitive Machines Inc LUNR shares are trading lower Wednesday after the company announced the pricing of an upsized public offering and concurrent private placement.

What Happened: Intuitive Machines announced an upsized offering of 9,523,810 shares of its common stock at a price of $10.50 per share. The company and a selling stockholder also granted the underwriters a 30-day option to purchase additional shares.

In connection with the offering, Intuitive Machines will issue 952,381 shares to Boryung Corporation in a concurrent private placement at the public offering price.

Intuitive Machines anticipates net proceeds of approximately $104.25 million. The company expects to use any proceeds for general corporate purposes. Intuitive Machines had $89.6 million in cash as of Sept. 30.

Intuitive Machines made history in February when its moon lander Odysseus touched down on the surface of the moon, making Intuitive Machines the first private company to land on the moon. The company’s second lunar mission is targeting launch in the first quarter.

See Also: Foot Locker Cuts Outlook On Soft Consumer Spending In Q3, Stock Tanks

How To Buy LUNR Stock

By now you're likely curious about how to participate in the market for Intuitive Machines – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

LUNR Price Action: Intuitive Machines shares were down 18.7% at $11.51 at the time of publication Wednesday, according to Benzinga Pro.

Photo: courtesy of Intuitive Machines.