05:32 PM EST, 12/03/2024 (MT Newswires) -- Intuitive Machines ( LUNR ) said late Tuesday it launched a $65 million public offering of its class A common shares.

The company and a selling stockholder plan to grant a 30-day overallotment option to the underwriters to acquire up to an additional $8.9 million and $877,500 of shares, respectively.

Intuitive Machines ( LUNR ) said it also agreed to sell $10 million of class A shares to Boryung in a concurrent private placement.

The company plans to use the net proceeds from the offering and the private placement, along with its existing cash, cash equivalents and short-term investment balance, to acquire an equivalent number of newly issued common units of Intuitive Machines LLC from Intuitive Machines OpCo. In turn, Intuitive Machines OpCo will use the proceeds for general corporate purposes.

Intuitive Machines ( LUNR ) said the private placement is contingent upon the closing of the offering.

The company's shares were down nearly 14% in after-hours activity.