Insider Brief
- Intuitive Machines, a space exploration and infrastructure company, has launched a $65 million public offering of its Class A common stock.
- This move includes a provision for underwriters to purchase additional shares worth up to $8.9 million from the company and $877,500 from a selling stockholder.
- Simultaneously, Intuitive Machines has secured a $10 million private placement deal with Boryung Corporation, an accredited investor, with Boryung agreeing to purchase shares at the same price as the public offering.
- The private placement is contingent on the successful completion of the public offering and other conditions, although the public offering itself is not dependent on the private placement.
Intuitive Machines, a space exploration and infrastructure company, has announced the launch of a $65 million public offering of its Class A common stock. This move includes a provision for underwriters to purchase additional shares worth up to $8.9 million from the company and $877,500 from a selling stockholder. The company has stated that the offering’s completion depends on market and other conditions.
Simultaneously, Intuitive Machines has secured a $10 million private placement deal with Boryung Corporation, an accredited investor. In this agreement, Boryung will purchase shares at the same price as the public offering. The private placement is contingent on the successful completion of the public offering and other conditions, although the public offering itself is not dependent on the private placement.
Proceeds from these transactions will support corporate operations, research and development, and potential mergers and acquisitions. Underwriters for the public offering include BofA Securities, Cantor, Barclays, Stifel, and Roth Capital Partners.
The securities for the public offering will be available under a registration statement filed with the SEC, while the private placement will rely on an exemption under the Securities Act.
Image credit: Intuitive Machines
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