Intuitive Machines Announces Completion of Redemption of its Outstanding Warrants

On February 4, 2025, the Company issued a press release stating that, pursuant to the Warrant Agreement dated as of September 21, 2021 (the “Warrant Agreement”), by and between the Company (f/k/a Inflection Point Acquisition Corp.) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), it would redeem all of its Warrants that remained outstanding following 5:00 pm New York City time, on the Redemption Date at the Redemption Price. Of the approximately 19,440,000 Warrants that were outstanding as of February 4, 2025, approximately 12,870,000 were exercised for cash at an exercise price of $11.50 per Class A Common Stock in exchange for an aggregate of approximately 12,870,000 of Class A Common Stock, in accordance with the terms of the Warrant Agreement, representing approximately two-thirds of the outstanding Warrants in the aggregate and resulting in aggregate cash proceeds to the Company of approximately $148.0 million.

As previously disclosed, Michael Blitzer exercised 1,800,000 Warrants, and the Company purchased 941,080 shares of the Company’s Class A common stock for an aggregate purchase price of $20.7 million from Mr. Blitzer, which is equal to the exercise price paid by Mr. Blitzer in connection with the exercise of his Warrants. Mr. Blitzer did not receive any cash consideration in connection with this transaction.

A total of approximately, 6,570,000 Warrants remained unexercised as of the Redemption Date, and the Company redeemed those Warrants for an aggregate redemption price of approximately $65,700. Following the Redemption Date, the Company had no Warrants outstanding.

In connection with the redemption, the Warrants ceased trading on The Nasdaq Stock Market LLC (“Nasdaq”) and were delisted, with the suspension of trading effective before market open on March 6, 2025. The Class A Common Stock continues to trade on Nasdaq under the symbol “LUNR”.

As of March 10, 2025, the Company’s cash balance, inclusive of the cash proceeds from the Warrants, was approximately $385.0 million. In addition, on March 4, 2025, the Company entered into a loan and security agreement with Stifel Bank, as lender. The loan and security agreement provides for a secured revolving credit facility in an aggregate principal amount of up to $40.0 million. The revolver remains unborrowed and is being entered into as the Company continues to focus on minimizing its cost of capital while maximizing available funding alternatives. The Company believes the elimination of these outstanding Warrants and initiation of the Revolving Facility are key indicators of a maturing capital structure.