Intuitive Machines Inc (NASDAQ:LUNR) shares are falling in extended trading on Wednesday after the company announced a proposed private offering.
LUNR is down after-hours. Find out more here.
What Happened: After market close on Wednesday, Intuitive Machines said it intends to offer $250 million of convertible senior notes due 2030 in a private offering to institutional buyers. The company plans to grant the initial purchasers a 13-day window to buy up to an additional $37.5 million of the notes.
Intuitive Machines expects to use the net proceeds from the offering for general corporate purposes, including operations, research and development and potential acquisitions.
CEO Steve Altemus said in the company’s earnings release last week that Intuitive Machines continues to “remain opportunistic” about potential strategic M&A opportunities.
"We have a detailed and robust pipeline of both tuck-in and transformative M&A opportunities and intend to remain aggressive in the marketplace, particularly in data services and National Security Space markets,” Altemus said.
Intuitive Machines had approximately $344.9 million of total cash and cash equivalents as of June 30.
LUNR Price Action: Intuitive Machines shares were down 10.01% in after-hours on Wednesday, trading at $9.43 at the time of publication, according to Benzinga Pro.
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Photo: courtesy of Intuitive Machines.
