Stock Track | Intuitive Machines Plummets 5.07% on Dilutive Public Offering Concerns

Stock Track12-05

Intuitive Machines (LUNR) stock plummeted 5.07% in the pre-market trading session on Thursday, following an upsized public offering that raised concerns about share dilution.

The company announced a public offering of 9.52 million shares of its Class A common stock at $10.50 per share, significantly lower than its previous closing price of $14.15 on Tuesday. The underwriters were also granted the option to purchase additional shares, further exacerbating the dilution.

In addition to the public offering, Intuitive Machines also announced a private placement of 952,381 shares with Boryung Corporation at the same offering price. The combined gross proceeds from both offerings are expected to be $104.25 million, before deducting underwriting discounts and other expenses.

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