Intuitive Machines Announces Completion of Redemption of its Outstanding Warrants
Intuitive Machines (LUNR) has successfully completed the redemption of its outstanding warrants to purchase Class A common stock. Of approximately 19,440,000 outstanding warrants, about 12,870,000 were exercised at $11.50 per share, generating approximately $148.0 million in cash proceeds. The remaining 6,570,000 unexercised warrants were redeemed at $0.01 per warrant.
Notable transactions include Michael Blitzer's exercise of 1,800,000 warrants, with the company purchasing 941,080 shares back from him at $20.7 million. Following the redemption, LUNR has no warrants outstanding, and they have been delisted from Nasdaq. The company's cash balance stands at approximately $385.0 million.
Additionally, LUNR secured a revolving credit facility with Stifel Bank for up to $40.0 million, currently unborrowed, as part of its strategy to optimize capital structure and funding alternatives.
Intuitive Machines (LUNR) ha completato con successo il riscatto dei suoi warrant in circolazione per l'acquisto di azioni ordinarie di Classe A. Su circa 19.440.000 warrant in circolazione, circa 12.870.000 sono stati esercitati a $11,50 per azione, generando circa $148,0 milioni in proventi in contante. I restanti 6.570.000 warrant non esercitati sono stati riscattati a $0,01 per warrant.
Tra le transazioni note, si segnala l'esercizio di 1.800.000 warrant da parte di Michael Blitzer, con l'azienda che ha riacquistato 941.080 azioni da lui per un totale di $20,7 milioni. Dopo il riscatto, LUNR non ha warrant in circolazione e sono stati rimossi dal Nasdaq. Il saldo di cassa dell'azienda si attesta a circa $385,0 milioni.
Inoltre, LUNR ha ottenuto una linea di credito revolving con Stifel Bank fino a $40,0 milioni, attualmente non utilizzata, come parte della sua strategia per ottimizzare la struttura del capitale e le alternative di finanziamento.
Intuitive Machines (LUNR) ha completado con éxito el rescate de sus warrants pendientes para comprar acciones comunes de Clase A. De aproximadamente 19,440,000 warrants pendientes, alrededor de 12,870,000 fueron ejercidos a $11.50 por acción, generando aproximadamente $148.0 millones en ingresos en efectivo. Los 6,570,000 warrants restantes no ejercidos fueron rescatados a $0.01 por warrant.
Entre las transacciones notables se incluye el ejercicio de 1,800,000 warrants por parte de Michael Blitzer, con la empresa comprando 941,080 acciones de vuelta a él por $20.7 millones. Tras el rescate, LUNR no tiene warrants pendientes y han sido eliminados del Nasdaq. El saldo de efectivo de la empresa es de aproximadamente $385.0 millones.
Además, LUNR aseguró una línea de crédito rotativa con Stifel Bank de hasta $40.0 millones, actualmente no utilizada, como parte de su estrategia para optimizar la estructura de capital y las alternativas de financiamiento.
Intuitive Machines (LUNR)는 클래스 A 보통주를 구매하기 위한 미결제 워런트의 상환을 성공적으로 완료했습니다. 약 19,440,000개의 미결제 워런트 중 약 12,870,000개가 주당 $11.50에 행사되어 약 $148.0 백만의 현금 수익을 창출했습니다. 나머지 6,570,000개의 미행사 워런트는 각각 $0.01에 상환되었습니다.
주요 거래 중 하나는 Michael Blitzer가 1,800,000개의 워런트를 행사한 것이며, 회사는 그로부터 941,080주를 $20.7 백만에 다시 구매했습니다. 상환 후 LUNR은 미결제 워런트가 없으며, 나스닥에서 상장 폐지되었습니다. 회사의 현금 잔고는 약 $385.0 백만입니다.
또한 LUNR은 자본 구조 및 자금 조달 대안을 최적화하기 위한 전략의 일환으로 Stifel Bank와 최대 $40.0 백만의 회전 신용 시설을 확보했습니다. 현재 대출되지 않았습니다.
Intuitive Machines (LUNR) a réussi à finaliser le rachat de ses warrants en circulation pour l'achat d'actions ordinaires de Classe A. Sur environ 19 440 000 warrants en circulation, environ 12 870 000 ont été exercés à 11,50 $ par action, générant environ 148,0 millions de dollars de recettes en espèces. Les 6 570 000 warrants non exercés restants ont été échangés à 0,01 $ par warrant.
Parmi les transactions notables, on trouve l'exercice de 1 800 000 warrants par Michael Blitzer, l'entreprise ayant racheté 941 080 actions de lui pour un montant de 20,7 millions de dollars. Après le rachat, LUNR n'a plus de warrants en circulation et ceux-ci ont été retirés de la Nasdaq. Le solde de trésorerie de l'entreprise s'élève à environ 385,0 millions de dollars.
De plus, LUNR a sécurisé une ligne de crédit renouvelable auprès de Stifel Bank allant jusqu'à 40,0 millions de dollars, actuellement non utilisée, dans le cadre de sa stratégie d'optimisation de la structure du capital et des alternatives de financement.
Intuitive Machines (LUNR) hat erfolgreich die Einlösung seiner ausstehenden Warrants zum Kauf von Aktien der Klasse A abgeschlossen. Von etwa 19.440.000 ausstehenden Warrants wurden etwa 12.870.000 zu einem Preis von $11,50 pro Aktie ausgeübt, was zu einem Erlös von etwa $148,0 Millionen in bar führte. Die verbleibenden 6.570.000 nicht ausgeübten Warrants wurden zu $0,01 pro Warrant eingelöst.
Zu den bemerkenswerten Transaktionen gehört die Ausübung von 1.800.000 Warrants durch Michael Blitzer, wobei das Unternehmen 941.080 Aktien für insgesamt $20,7 Millionen von ihm zurückkaufte. Nach der Einlösung hat LUNR keine ausstehenden Warrants mehr, und diese wurden von der Nasdaq abgezogen. Der Bargeldbestand des Unternehmens beträgt etwa $385,0 Millionen.
Darüber hinaus sicherte sich LUNR eine revolvierende Kreditfazilität bei der Stifel Bank von bis zu $40,0 Millionen, die derzeit nicht in Anspruch genommen wurde, als Teil seiner Strategie zur Optimierung der Kapitalstruktur und der Finanzierungsalternativen.
- Raised $148.0 million from warrant exercises
- Strong cash position of $385.0 million
- Secured new $40.0 million revolving credit facility
- Simplified capital structure with elimination of all outstanding warrants
- Spent $20.7 million on share repurchase from warrant holder
Insights
Intuitive Machines has completed a significant financial restructuring by redeeming all outstanding warrants, resulting in a substantial $148 million capital infusion and a simplified ownership structure. This transaction represents a strategic financial engineering move that strengthens the company's balance sheet while eliminating potential dilution concerns from the remaining warrant overhang.
The company converted approximately 12.87 million warrants at $11.50 per share, representing about two-thirds of the outstanding warrants, while redeeming the remaining 6.57 million unexercised warrants for a nominal amount. Although this transaction did create some dilution, the cash proceeds have bolstered LUNR's financial position considerably, with a current cash balance of
The company has further enhanced its financial flexibility by securing an undrawn
The removal of all warrants from LUNR's capital structure eliminates a potential overhang on the stock and simplifies the company's financial structure. For investors, this transaction provides several benefits:
- Enhanced balance sheet with substantial cash reserves
- Simplified capital structure with no remaining warrants
- Increased financial flexibility through the new credit facility
- Reduced uncertainty regarding future dilution
For a space exploration and infrastructure company operating in a sector requiring significant capital investment, this improved liquidity profile provides LUNR with an extended operational runway and enhanced strategic optionality for future growth initiatives.
HOUSTON, March 10, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, announced today that it has completed the redemption of its outstanding warrants (the “Warrants”) to purchase shares of the Company’s Class A common stock,
On February 4, 2025, the Company issued a press release stating that, pursuant to the Warrant Agreement dated as of September 21, 2021 (the “Warrant Agreement”), by and between the Company (f/k/a Inflection Point Acquisition Corp.) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), it would redeem all of its Warrants that remained outstanding following 5:00 pm New York City time, on the Redemption Date at the Redemption Price. Of the approximately 19,440,000 Warrants that were outstanding as of February 4, 2025, approximately 12,870,000 were exercised for cash at an exercise price of
As previously disclosed, Michael Blitzer exercised 1,800,000 Warrants, and the Company purchased 941,080 shares of the Company’s Class A common stock for an aggregate purchase price of
A total of approximately, 6,570,000 Warrants remained unexercised as of the Redemption Date, and the Company redeemed those Warrants for an aggregate redemption price of approximately
In connection with the redemption, the Warrants ceased trading on The Nasdaq Stock Market LLC (“Nasdaq”) and were delisted, with the suspension of trading effective before market open on March 6, 2025. The Class A Common Stock continues to trade on Nasdaq under the symbol “LUNR”.
As of March 10, 2025, the Company’s cash balance, inclusive of the cash proceeds from the Warrants, was approximately
About Intuitive Machines
Intuitive Machines is a diversified space exploration, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully landed the Company’s Nova-C class lunar lander, Odysseus, on the Moon, returning the United States to the lunar surface for the first time since 1972. The Company’s products and services are offered through its four in-space business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure. For more information, please visit
intuitivemachines.com.
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This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
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These forward-looking statements include but are not limited to statements regarding: our expectations and plans relating to our lunar missions, including the expected timing of launch and our progress and preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; and our expectations on revenue and cash generation. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this press release: our reliance upon the efforts of our key personnel and board of directors to be successful; our limited operating history; our failure to manage our growth effectively and failure to win new contracts; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; our reliance on a single launch service provider; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our sub-systems; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets, and unpatented know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions (including as a result of a failure to raise the “debt ceiling”) and rising inflation; our history of losses and failure to achieve profitability in the future or failure of our business to generate sufficient funds to continue operations; the cost and potential outcomes of potential future litigation; our public securities’ potential liquidity and trading; the sufficiency and anticipated use of our existing capital resources to fund our future operating expenses and capital expenditure requirements and needs for additional financing; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC, the section titled Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, our Current Reports on Form 8-K and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
These forward-looking statements are based on information available as of the date of this press release and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
Contacts
For investor inquiries:
investors@intuitivemachines.com
For media inquiries:
press@intuitivemachines.com
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FAQ
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