SPACInsider Logo
Inflection Point Acquisition Corp. (IPAX) Closes Intuitive Machines Deal
by Nicholas Alan Clayton on 2023-02-13 at 8:56am

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.

 

Recent Posts
by Kristi Marvin on 2023-03-25 at 12:14pm

Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...

by Marlena Haddad on 2023-03-24 at 5:40pm

Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....

by Marlena Haddad on 2023-03-24 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Momentus SPAC backers accused of deliberately engineering a catastrophic deal  Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...

by Nicholas Alan Clayton on 2023-03-24 at 7:20am

DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...

by Nicholas Alan Clayton on 2023-03-24 at 7:05am

Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved