Intuitive Machines plans to redeem all outstanding warrants on March 6, 2025, at a price of $0.01 each.
Quiver AI Summary
Intuitive Machines, Inc. announced it will redeem all outstanding warrants to purchase shares of its Class A common stock, which remain unexercised by 5:00 p.m. New York City time on March 6, 2025, for a price of $0.01 per warrant. The redemption is permissible as the company’s stock has maintained a price of at least $18.00 per share for 20 trading days within a 30-day period ending January 30, 2025. Holders of the warrants can exercise them until the redemption date at an exercise price of $11.50 per share. After the redemption date, unexercised warrants will be void, and holders will only receive the redemption price. Intuitive Machines, which focuses on lunar access and has successfully landed a lunar lander, provided details on the warrant redemption and emphasized that no recommendations are made regarding exercising the warrants.
Potential Positives
- Intuitive Machines successfully delivered a notice of redemption for all outstanding warrants, indicating strong stock performance with shares trading above $18.00 for the required period.
- The redemption allows warrant holders to acquire Class A common stock at a favorable price of $11.50 per share, potentially increasing investor interest.
- The company is actively managing its capital structure, which can positively affect shareholder value and financial flexibility.
- Intuitive Machines highlighted its recent achievement of successfully landing the Nova-C class lunar lander, reinforcing its position as a leader in space exploration services.
Potential Negatives
- The company's decision to redeem outstanding warrants suggests a potential lack of confidence in the current share price, which may raise concerns among investors regarding future stock performance.
- The redemption price of $0.01 per warrant is significantly lower than the exercise price of $11.50, indicating that holders may feel dissatisfied and could perceive a loss in value.
- The press release does not provide any assurances or guidance for future financial performance, which may lead to uncertainty and concerns among stakeholders.
FAQ
What warrants are being redeemed by Intuitive Machines?
Intuitive Machines is redeeming all outstanding warrants to purchase Class A common stock issued under the Warrant Agreement dated September 21, 2021.
When is the redemption date for the warrants?
The redemption date for the warrants is 5:00 p.m. New York City time on March 6, 2025.
What is the redemption price for the warrants?
The redemption price for each warrant is $0.01.
How can warrant holders exercise their warrants?
Warrant holders can exercise their warrants until the redemption date for the exercise price of $11.50 per share.
Who should be contacted for questions about the redemption?
Questions regarding the redemption can be directed to Continental Stock Transfer & Trust Company at (212) 509-4000.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LUNR Insider Trading Activity
$LUNR insiders have traded $LUNR stock on the open market 42 times in the past 6 months. Of those trades, 0 have been purchases and 42 have been sales.
Here’s a breakdown of recent trading of $LUNR stock by insiders over the last 6 months:
- KAMAL SEYED GHAFFARIAN has made 0 purchases and 17 sales selling 5,291,622 shares for an estimated $55,613,174.
- TIMOTHY PRICE II CRAIN (SVP and Chief Growth Officer) has made 0 purchases and 10 sales selling 1,878,434 shares for an estimated $19,249,717.
- STEPHEN J ALTEMUS (Chief Executive Officer) has made 0 purchases and 9 sales selling 2,792,950 shares for an estimated $18,070,005.
- MICHAEL BLITZER has made 0 purchases and 3 sales selling 912,673 shares for an estimated $7,660,648.
- STEVEN VONTUR (See Remarks) has made 0 purchases and 3 sales selling 12,166 shares for an estimated $86,654.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LUNR Hedge Fund Activity
We have seen 93 institutional investors add shares of $LUNR stock to their portfolio, and 32 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 2,317,988 shares (+572.3%) to their portfolio in Q3 2024, for an estimated $18,659,803
- CITADEL ADVISORS LLC removed 1,807,246 shares (-99.8%) from their portfolio in Q3 2024, for an estimated $14,548,330
- MILLENNIUM MANAGEMENT LLC added 1,356,495 shares (+inf%) to their portfolio in Q3 2024, for an estimated $10,919,784
- RENAISSANCE TECHNOLOGIES LLC added 611,682 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,924,040
- NUVEEN ASSET MANAGEMENT, LLC added 587,766 shares (+1519.8%) to their portfolio in Q3 2024, for an estimated $4,731,516
- SIMPLEX TRADING, LLC added 350,119 shares (+1289.3%) to their portfolio in Q3 2024, for an estimated $2,818,457
- GEODE CAPITAL MANAGEMENT, LLC added 222,136 shares (+31.2%) to their portfolio in Q3 2024, for an estimated $1,788,194
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, LUNRW) (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, announced today that it has delivered a notice of redemption to redeem all of its outstanding warrants (the “Warrants”) to purchase shares of the Company’s Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), that were issued under 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”), and that remain unexercised at 5:00 p.m., New York City time, on March 6, 2025 (the “Redemption Date”) for a redemption price of $0.01 per Warrant (the “Redemption Price”).
Under the terms of the Warrant Agreement, the Company has the right to redeem all of the outstanding Warrants if the last sales price of the Class A Common Stock is at least $18.00 per share for any 20 trading days within any 30-day trading period ending on the third business day prior to the date on which a notice of redemption is given. The last sales price of the Class A Common Stock has been at least $18.00 per share on each of 20 trading days within the 30-day trading period ending on January 30, 2025. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each registered holder of the outstanding Warrants.
The Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Class A Common Stock underlying such warrants, at the exercise price of $11.50 per share. Any Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Warrants will be entitled to receive only the redemption price of $0.01 per warrant.
None of the Company, its board of directors or employees has made or is making any representation or recommendation to any holder of the Warrants as to whether to exercise or refrain from exercising any Warrants.
The shares of Class A Common Stock underlying the Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-3 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-278288).
Questions concerning redemption and exercise of the Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.
No Offer or Solicitation
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.
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.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. 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:
[email protected]
For media inquiries:
[email protected]
This press release was published by a CLEAR® Verified individual.