HomeMarket NewsMicro Cap StocksIntuitive Machines Secures $20 Million Investment for Growth Initiatives

Intuitive Machines Secures $20 Million Investment for Growth Initiatives

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Intuitive Machines Inc, trading as LUNR on the NASDAQ, has received a $20 million investment from an institutional investor. The funds will be used for general corporate purposes and to support key growth programs. The closing of the agreement is expected to take place on September 5, 2023, subject to customary closing conditions.

This investment means that Intuitive Machines will not need to use its previously disclosed $50 million Committed Equity Facility. CEO Steve Altemus expressed confidence in the company’s future, remarking, β€œWe are on track to launch IM-1 in mid-November, followed by IM-2 and IM-3 in 2024. We have also begun the transition of NASA’s $719 million OMES III contract and anticipate generating revenue in the fourth quarter. This equity investment will facilitate a seamless transition and provide the working capital necessary for our customer from day one.”

As of the last check on Friday, LUNR shares were trading higher by 2.50% at $4.8791.

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