News Briefs

Space exploration firm Intuitive Machines to go public via merger with SPAC Inflection Point Acquisition Corp

When the deal closes, the newly combined company will be named Intuitive Machines Inc and trade on the NASDAQ.

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  • The deal is expected to be completed in the first quarter of 2023
  • J.P. Morgan Securities LLC is serving as financial advisor to Intuitive Machines while Cantor Fitzgerald & Co. is serving as financial advisor and capital markets advisor to Inflection Point
  • Latham & Watkins LLP is serving as legal advisor to Intuitive Machines and White & Case LLP is serving as legal advisor to Inflection Point

Intuitive Machines, a space exploration company, has agreed to go public via a merger with Inflection Point Acquisition Corp, a blank check company backed by Kingstown Capital Management. When the deal closes, the newly combined company will be named Intuitive Machines Inc and trade on the NASDAQ.

“As the United States plans its return to the Moon after a 50-year absence, Intuitive Machines is excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce,” said Dr. Kam Ghaffarian, co-founder and executive chairman of Intuitive Machines, in a statement. “What’s different this time is that the U.S. government has astutely chosen to utilize partnerships with the private sector to accomplish its goals more quickly and more cost-effectively,” he said.

The combined company has secured $55 million of committed capital from entities affiliated with Inflection Point’s sponsor and from a founder of Intuitive Machines, in addition to a $50 million equity facility provided by CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Co., which the Company expects will fund the business plan to profitability over the next 2-3 years.

The deal is expected to be completed in the first quarter of 2023.

J.P. Morgan Securities LLC is serving as financial advisor to Intuitive Machines. Cantor Fitzgerald & Co. is serving as financial advisor and capital markets advisor to Inflection Point. Cantor Fitzgerald & Co. is also serving as exclusive placement agent for the PIPE financing.

Latham & Watkins LLP is serving as legal advisor to Intuitive Machines, and White & Case LLP is serving as legal advisor to Inflection Point. DLA Piper LLP (US) is serving as legal counsel to Cantor Fitzgerald & Co.