Intuitive Machines (LUNR) has released an update to notify the public and investors about an entry into a material definitive agreement.
Intuitive Machines, LLC, a subsidiary of Intuitive Machines, Inc., secured a credit line of up to $10 million from Pershing LLC, backed by guarantees and collateral from Ghaffarian Enterprises, LLC. On January 29, 2024, the Guarantor settled the principal amount owed by contributing $10 million, in return for which they received shares of Class A common stock and warrants from Intuitive Machines, Inc., as well as warrants from Intuitive Machines OpCo. The loan was fully repaid following this transaction, which was approved by the company’s independent committee.
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For a comprehensive understanding of the announcement, you can read the full document here.