Why Intuitive Machines Stock Just Crashed 14%

Intuitive Machines (NASDAQ: LUNR) stock tumbled 14.2% through 9:45 a.m. ET Wednesday morning after the space company made two disturbing announcements in 24 hours. First, last night after close of trading, Intuitive announced plans to issue and sell up to $73.9 million worth of new common stock in an underwritten public offering (including an overallotment option); and to further sell $10 million in new stock via a private placement (so $83.9 million total). The Fly noted that the company was targeting a share price of between $10.25 and $11.25 for the offering. This morning, Intuitive Machines "upsized" the offering -- but downsized the price to near the bottom of that price range. In a press release early Wednesday, Intuitive said it could end up selling approximately 10.8 million shares in the public offering, and 952,381 in the private placement -- approximately 11.75 million shares total, yielding $123.4 million in total cash. One of Intuitive Machines' shareholders will also be selling a small number of shares as part of the transaction, but the company will not receive any of the cash from that sale.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool