Summary by Moomoo AI
Intuitive Machines announced the launch of a $65 million underwritten public offering of Class A common stock, alongside a concurrent $10 million private placement with Boryung Corporation. The underwriters will have a 30-day option to purchase up to an additional $8.87 million shares from the company and $0.88 million from a selling stockholder.The company plans to use the net proceeds from both offerings, combined with existing cash reserves, to acquire newly-issued common units of Intuitive Machines OpCo. These funds will support general corporate purposes, including operations, research and development, and potential M&A activities. The private placement is contingent upon the public offering's completion and other closing conditions.BofA Securities, Cantor, Barclays, and Stifel are serving as lead joint book-running managers for the offering, with Roth Capital Partners acting as book-running manager. The offering will be made through an effective shelf registration statement filed with the SEC on April 3, 2024.
