Intuitive Machines Inc LUNR has received a $20 million equity investment from a certain institutional investor through the issuance and sale of stock and warrants.
Intuitive Machines intends to use the net proceeds for general corporate purposes and working capital needs as it ramps activity across key growth programs.
The agreement is expected to close on September 5, 2023, subject to customary closing conditions.
Due to the latest development, Intuitive 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."
Price Action: LUNR shares are trading higher by 2.50% at $4.8791 on the last check Friday.
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