Intuitive Machines repays $10M credit line; issues 3.5M shares and warrants to Ghaffarian

Intuitive Machines, Inc.

Ghaffarian Enterprises contributed $10M to repay Pershing LLC credit line in full.
Company issued 3,487,278 Class A shares at $2.87 per share to Ghaffarian.
Issued Series A and B warrants to Ghaffarian, each for up to 4,150,780 shares at $2.57 exercise price.
OpCo issued mirror warrants exercisable contingent on warrant exercises.
Transaction approved by conflicts committee of independent directors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.97

Intuitive Machines, Inc. amended Loan Documentation with Pershing LLC valued at $10.0 million credit line, converted via Letter Agreement (effective 2024-01-28).

Action: amendment
Agreement: credit facility
Counterparty: Pershing LLC
Value: $10.0 million credit line, converted via Letter Agreement
Effective: 2024-01-28

Exact text from the filing

On January 28, 2024, the Company, Intuitive Machines OpCo and the Guarantor entered into a letter agreement (the "Letter Agreement") pursuant to which, on January 29, 2024: (i) the Guarantor contributed $10.0 million to the Company and Intuitive Machines OpCo for purposes of repaying the principal amount owed by Intuitive Machines OpCo to the Lender under the Credit Line as of the repayment date specified thereunder (the "Repayment Obligation"), in exchange for which (x) the Company issued to the Guarantor 3,487,278 shares of the Company’s Class A common stock, par value $0.0001 per share ("Class A Common Stock"), constituting the Conversion Shares (as defined herein) and the Conversion Warrants (as defined herein) and (y) Intuitive Machines OpCo issued to the Guarantor the OpCo Conversion Warrants (as defined herein).

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Intuitive Machines, Inc. filing history →

Source: SEC EDGAR

accession 0001844452-24-000016

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