Inflection Point Acquisition Corp. and Intuitive Machines, LLC Announce Closing of Business Combination; Intuitive Machines, Inc. to Trade on Nasdaq Under Ticker Symbols “LUNR” and “LUNRW”
February 13 2023 - 8:17AM
Business Wire
Intuitive Machines, LLC, a leading space exploration,
infrastructure, and services company, today announced the
completion of its business combination with Inflection Point
Acquisition Corp. (“Inflection Point”) (Nasdaq: IPAX, IPAXU,
IPAXW), a special purpose acquisition company traded on Nasdaq.
Inflection Point’s shareholders approved the business combination
at an extraordinary general meeting held on February 8, 2023.
In connection with the closing of the business combination,
Inflection Point has been renamed “Intuitive Machines, Inc.” (the
“Company” or “Intuitive Machines”). Commencing at the open of
trading on February 14, 2023, Intuitive Machines’ common stock and
warrants are expected to trade on Nasdaq under the ticker symbols
“LUNR” and “LUNRW,” respectively.
“Intuitive Machines is playing a critical role in America’s
return to the Moon by providing technologies and services to
establish long-term lunar infrastructure and commerce,” said Kam
Ghaffarian, Ph. D., Co-Founder and Executive Chairman of Intuitive
Machines. “This merger accelerates and strengthens Intuitive
Machines’ strategic plan to help expedite a thriving commercial
ecosystem for space for the benefit of human civilization.”
“We are excited to begin this new chapter as a publicly traded
company,” said Steve Altemus, Co-Founder, President, and Chief
Executive Officer of Intuitive Machines. “Intuitive Machines is in
a leading position to replace footprints with a foothold in the
development of lunar space. With our launch into the public sphere
through Inflection Point, we have reached new heights financially
and opened the doors for even greater exploration and innovation
for the progress of humanity.”
“Today marks an incredible milestone for Intuitive Machines, and
we will continue to support them on their historic voyage as a
public company,” said Michael Blitzer, Co-CEO of Inflection Point.
“The Company is exceptionally well positioned to capitalize on
growing commercial and governmental interests in space, and it has
been a privilege to partner with the Company as it positions itself
as a strategic national asset.”
As a result of the transaction, the Company will receive
approximately $55 million of committed capital from an affiliate of
its sponsor and company founders.
Advisors
J.P. Morgan Securities LLC served as exclusive financial advisor
to Intuitive Machines. Cantor Fitzgerald & Co. served as
exclusive financial advisor and capital markets advisor to
Inflection Point. In addition, Cantor Fitzgerald & Co. served
as exclusive placement agent for the PIPE financing.
Latham & Watkins LLP acted as Intuitive Machines, LLC’s
legal counsel, and White & Case LLP acted as Inflection Point’s
legal counsel. DLA Piper LLP (US) acted as legal counsel to Cantor
Fitzgerald & Co.
About Intuitive Machines
Intuitive Machines is a diversified space company focused on
space exploration. Intuitive Machines supplies space products and
services to support sustained robotic and human exploration to the
Moon, Mars, and beyond. Intuitive Machines’ products and services
are offered through its four business units: Lunar Access Services,
Orbital Services, Lunar Data Services, and Space Products and
Infrastructure. For more information, please visit
intuitivemachines.com.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties that could cause the
actual results to differ materially from the expected results. Many
factors could cause actual future events to differ materially from
the forward-looking statements in this document, including but not
limited to: (i) the ability to implement business plans, forecasts,
and other expectations and identify and realize additional
opportunities, (ii) the risk of downturns in the highly competitive
and regulated industry in which Intuitive Machines operates, (iii)
the impact of the global COVID-19 pandemic, (iv) the uncertainty
surrounding a still-emerging market for commercial human
spaceflight, (v) the unpredictable nature of space that exposes
Intuitive Machines’ products and service offerings to a wide and
unique range of environmental risks, which could adversely affect
Intuitive Machines’ launch vehicle and spacecraft performance, (vi)
Intuitive Machines’ limited operating history, which makes it
difficult to evaluate future prospects and the risks and challenges
the Company may encounter; and (vii) the implementation of certain
policies, priorities, regulations, mandates and introduction of new
funding levels by governmental entities with which the Company
engages. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by investors as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
definitive proxy statement/prospectus filed by Inflection Point on
January 24, 2023, and the other documents filed by Intuitive
Machines from time to time with the U.S. Securities and Exchange
Commission. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Intuitive Machines assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by securities and
other applicable laws. Intuitive Machines does not give any
assurance that it will achieve its expectations.
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For investor inquiries please contact:
investors@intuitivemachines.com
For media inquiries please contact:
press@intuitivemachines.com
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