Space tech startup Intuitive Machines seeks U.S. listing via $1 billion SPAC deal – Reuters

Market information is displayed on a monitor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 19, 2022. REUTERS/Andrew Kelly
Sept 16 (Reuters) – Intuitive Machines LLC said on Friday it plans to go public in the United States through a blank-check merger that values the space technologies provider at more than $1 billion.
Nine-year old Intuitive is one of NASA's contractors and its lunar payload delivery services were selected by the space agency for three lunar missions to send the first American spacecraft to the surface of the Moon since the Apollo Program.
After Intuitive's merger with special-purpose acquisition company (SPAC) Inflection Point Acquisition Corp (IPAX.O), the combined firm will have an enterprise value of nearly $815 million, the companies said in a statement.
The SPAC had raised $300 million in an initial public offering last year and said it intended to target a North American or European business in the consumer and technology sectors.
Houston-based Intuitive's decision to go public comes at a time when the frenzy around listings through the SPAC route have wound down after nearly two years of immense popularity. A SPAC typically sells shares at $10 apiece, puts the cash in a trust account, and then searches for a company to buy.
Inflection holds nearly $330 million of cash in a trust.
The combined company has secured $55 million of capital from entities affiliated with Inflection Point's sponsor and an Intuitive founder, in addition to a $50 million equity facility provided by CF Principal Investments.
It will list on Nasdaq under the name Intuitive Machines Inc, with the deal expected to complete in the first quarter of 2023.
JPMorgan Securities LLC and Cantor Fitzgerald & Co are serving as the financial advisors to Intuitive and Inflection, respectively.
Our Standards: The Thomson Reuters Trust Principles.
Novartis CEO Vas Narasimhan could struggle to woo investors to the listing of generics drugs business Sandoz, as weaker drug prices and jittery financial markets present one of his biggest challenges in the years-long overhaul of the Swiss drugmaker.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Leave a Comment