Space technology startup Intuitive Machines is seeking a US listing in a $1 billion SPAC deal

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Sept 16 (Reuters) – Intuitive Machines LLC said on Friday it plans to take the space technology provider public in a blank check merger in the United States that would value it at more than $1 billion.

Nine-year-old Intuitive is one of NASA’s contractors, whose lunar cargo delivery services have been selected by the space agency for three lunar missions since the Apollo program to send the first American spacecraft to the moon.

After Intuitive’s merger with special purpose acquisition company (SPAC) Inflection Point Acquisition Corp. ( IPAX.O ), the combined company will have an enterprise value of about $815 million, the companies said in a statement.

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The SPAC raised $300 million in an initial public offering last year and said it plans to target a North American or European business in the consumer and technology sectors.

Houston-based Intuitive’s decision to go public comes after frustrations with its listing through the SPAC line wound up after two years of high popularity. A SPAC typically sells shares for $10, puts the cash in a trust account, and looks for a company to buy.

Inflation holds approximately $330 million in one trust.

The combined company received $55 million in capital from Inflection Point sponsors and entities related to Intuitive’s founder, plus $50 million in equity from CF Principal Investments.

The deal is expected to close in the first quarter of 2023 with Intuitive Machines Inc listing on the Nasdaq.

JPMorgan Securities LLC and Cantor Fitzgerald & Co are serving as financial advisors to Intuitive and Inflation, respectively.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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