Intuitive Machines Reports New Material Agreement & Financial Obligation

TL;DR

**LUNR just took on new debt/obligations, watch for details on impact.**

AI Summary

Intuitive Machines, Inc. (LUNR) filed an 8-K on January 16, 2024, to report an entry into a material definitive agreement and the creation of a direct financial obligation. This filing indicates that the company has undertaken new financial commitments, which could impact its balance sheet and future cash flows. For investors, this matters because new obligations can affect the company's financial health, potentially influencing its stock valuation and future growth prospects.

Why It Matters

This filing signals new financial commitments for Intuitive Machines, which could affect its liquidity, profitability, and overall financial stability, directly impacting shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates new financial obligations without specific details, creating uncertainty about the magnitude and terms, which could pose a medium risk to investors.

Analyst Insight

Investors should monitor future filings or company announcements for specific details regarding the nature and magnitude of the new material definitive agreement and financial obligation to assess their impact on Intuitive Machines' financial health.

Key Numbers

• $0.0001 — Par Value per Share (This is the stated par value for Intuitive Machines' Class A Common stock.)

Key Players & Entities

• Intuitive Machines, Inc. (company) — the registrant filing the 8-K
• LUNR (company) — the trading symbol for Intuitive Machines, Inc.
• $0.0001 (dollar_amount) — par value per share of Class A Common stock
• The Nasdaq Stock Market LLC (company) — exchange where LUNR Class A Common stock is registered

Forward-Looking Statements

• Intuitive Machines will provide more specific details about the material definitive agreement and financial obligation in a subsequent filing or earnings call. (Intuitive Machines, Inc.) — high confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common stock, par value $0.0001 per share LUNR The Nasdaq Stock Market
• $11.50 — mon stock, each at an exercise price of $11.50 per share LUNRW The Nasdaq Stock Market
• $10 million — on of credit in an amount not to exceed $10 million to the Company (the "Loan Documentation
• $148 thousand — nes, Inc agreed to pay a support fee of $148 thousand for the Credit Support. Item 2.03. C

Filing Documents

• lunr-20240116.htm (8-K) — 31KB
• creditagreementdated1102.htm (EX-10.1) — 70KB
• creditagreementdated1102001.jpg (GRAPHIC) — 365KB
• creditagreementdated1102002.jpg (GRAPHIC) — 379KB
• creditagreementdated1102003.jpg (GRAPHIC) — 368KB
• creditagreementdated1102004.jpg (GRAPHIC) — 385KB
• creditagreementdated1102005.jpg (GRAPHIC) — 303KB
• creditagreementdated1102006.jpg (GRAPHIC) — 122KB
• creditagreementdated1102007.jpg (GRAPHIC) — 142KB
• creditagreementdated1102008.jpg (GRAPHIC) — 110KB
• creditagreementdated1102009.jpg (GRAPHIC) — 168KB
• creditagreementdated1102010.jpg (GRAPHIC) — 290KB
• creditagreementdated1102011.jpg (GRAPHIC) — 212KB
• creditagreementdated1102012.jpg (GRAPHIC) — 230KB
• creditagreementdated1102013.jpg (GRAPHIC) — 164KB
• creditagreementdated1102014.jpg (GRAPHIC) — 116KB
• 0001844452-24-000008.txt ( ) — 4919KB
• lunr-20240116.xsd (EX-101.SCH) — 3KB
• lunr-20240116_def.xml (EX-101.DEF) — 16KB
• lunr-20240116_lab.xml (EX-101.LAB) — 32KB
• lunr-20240116_pre.xml (EX-101.PRE) — 16KB
• lunr-20240116_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Credit Facility On January 10, 2024, Intuitive Machines, LLC (the "Company") entered into a series of loan documents with Pershing LLC, an affiliate of Bank of New York Mellon, pursuant to which Pershing LLC agreed to an extension of credit in an amount not to exceed $10 million to the Company (the "Loan Documentation"). Borrowings under this credit facility bear interest at the target interest rate set by the Federal Open Market Committee ("Fed Funds Rate"), subject to a 5.5% floor, plus a margin. For borrowings, the applicable rate margin is .9%. The proceeds are available for working capital needs and other general corporate purposes. The credit facility is due on February 22, 2024. The Loan Documentation included one or more guarantees (the "Credit Support Guarantees") by Ghaffarian Enterprises, LLC (an affiliate of Dr. Kamal Ghaffarian) ("Ghaffarian Enterprises") and documentation by which Ghaffarian Enterprises, LLC supported such Credit Support Guarantees with collateral including marketable securities (the "Credit Support"), in each case in favor of the lender for the benefit of the Company. On January 10, 2024, Intuitive Machines, Inc. and Ghaffarian Enterprises entered into a credit support fee and subrogation agreement, where Intuitive Machines, Inc agreed to pay a support fee of $148 thousand for the Credit Support.

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Credit Agreement, dated as of January 10, 2024, by and between Intuitive Machines, LLC and Pershing LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 16, 2024 INTUITIVE MACHINES, INC. By: /s/ Erik Sallee Name: Erik Sallee Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR