Inflection Point Acquisition Corp. (NASDAQ:IPAX) announced this morning that it has landed its combination with Intuitive Machines to close following a shareholder vote at its special meeting on February 8.
The combined company’s shares and warrants are expected to trade on Nasdaq under the ticker symbols “LUNR” and “LUNRW,” respectively, on February 14.
The closing announcement noted that the Intuitive Machines will receive about $55 million in proceeds from the deal, which includes a $26 million Series A PIPE. On Friday, Inflection Point struck new forward purchase agreements with investors HGC and Polar, which would have prevented up to 1,250,000 shares from each from being redeemed through close.
The parties announced their $815 million business combination in September 2022. Houston, Texas-based Intuitive Machines has designed a moon lander for future NASA missions as well as other aerospace products.
Earlier this month, NASA updated its mission for the Intuitive Machines lander to include a touchdown in the Moon’s South Pole region in late June 2023.
ADVISORS
- J.P. Morgan Securities LLC is serving as the exclusive financial advisor to Intuitive Machines.
- Cantor Fitzgerald & Co. is serving as exclusive financial advisor and capital markets advisor to Inflection Point.
- Cantor Fitzgerald & Co. is also serving as exclusive placement agent for the PIPE financing.
- Latham & Watkins LLP is serving as legal advisor to Intuitive Machines
- White & Case LLP is serving as legal advisor to Inflection Point.
- DLA Piper LLP (US) is serving as legal counsel to Cantor Fitzgerald & Co.
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