- Press Release
- Apr 1, 2023
Inflection Point Acquisition Corp. and Intuitive Machines, LLC Announcement
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.
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.