Polar Terminates Forward Purchase Agreement with Intuitive Machines and IPAX

Rhea-AI Summary

On February 22, 2023, Polar Multi-Strategy Master Fund announced the immediate early termination of its Forward Purchase Agreement with Intuitive Machines, LLC and Inflection Point Acquisition Corp. This agreement involved over-the-counter Equity Prepaid Forward Transactions for 1.25 million shares of Class A common stock of Intuitive Machines, Inc. (NASDAQ: LUNR). Following the termination, Polar will pay Intuitive the Redemption Price for the terminated shares, affecting the liquidity and stock position of Intuitive Machines. This development is significant for investors tracking the company's stock performance.

Positive

• Polar's immediate termination may indicate a strategic shift that could positively influence stock dynamics.
• Redemption price payment could enhance liquidity management for Intuitive Machines.

Negative

• Termination of the Forward Purchase Agreement may create uncertainty regarding future stock trading volumes.
• Loss of support from Polar could impact investor confidence and stock price stability.

TORONTO--(BUSINESS WIRE)-- On February 22, 2023, Polar Multi-Strategy Master Fund (“Polar”) provided notice of its optional early termination, effective immediately, of that certain Forward Purchase Agreement, dated as of February 9, 2023 (the “Forward Purchase Agreement”), among Polar, Intuitive Machines, LLC and Inflection Point Acquisition Corp. for over-the-counter Equity Prepaid Forward Transactions. Polar terminated the Forward Purchase Agreement with respect to the full 1.25 million shares of Class A common stock of Intuitive Machines, Inc. (NASDAQ: LUNR) (“Intuitive”) that were subject to the Forward Purchase Agreement (such shares, the “Terminated Shares”). Pursuant to the terms of the Forward Purchase Agreement, in connection with such termination in full by Polar, Polar will pay Intuitive the Redemption Price (as defined in the Forward Purchase Agreement) for the Terminated Shares.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230222006099/en/

Greg Lemaich, President & Chief Operating Officer

416 369 3039

Source: Polar Multi-Strategy Master Fund

FAQ

What is the significance of Polar's termination of the Forward Purchase Agreement for LUNR?

Polar's termination might affect liquidity and trading volumes of Intuitive Machines (LUNR), raising concerns among investors.

When was the Forward Purchase Agreement terminated?

The Forward Purchase Agreement was terminated on February 22, 2023.

How many shares were involved in the terminated Forward Purchase Agreement for LUNR?

The agreement involved 1.25 million shares of Class A common stock of Intuitive Machines, Inc. (LUNR).

What will happen to the shares after the termination of the Forward Purchase Agreement?

Polar will pay Intuitive Machines the Redemption Price for the terminated shares, affecting their financial standing.