05:00 AM EDT, 08/14/2025 (MT Newswires) -- Intuitive Machines ( LUNR ) said Wednesday it priced $300 million of 2.5% convertible senior notes due 2030 in a private sale to qualified institutional buyers.

The offering size was increased from $250 million, with an option for initial purchasers to buy up to an additional $45 million, the company said.

The company expects net proceeds of about $291.8 million, or $335.5 million if the option is exercised in full, with $32 million designated for capped call transactions and the remainder for general corporate purposes, it said.

The notes, maturing Oct. 1, 2030, will be convertible at an initial price of about $13.1125 per share, a 25% premium to the Aug. 13 close, Intuitive Machines ( LUNR ) said.

It added that the capped call transactions are intended to reduce potential dilution and have an initial cap price of $20.98 per share, double the last closing price.

Shares of the company were down by more than 9.5% in recent Thursday premarket activity.