Inflection Point Acquisition filed a registration statement outlining its proposed merger with Intuitive Machines, a space exploration, infrastructure, and services company.
Announced last month, the deal carries a pro forma implied enterprise value of approximately $815 million, representing a 2.8x EV / projected 2023 revenue multiple.
Intuitive Machines is expected to have a pro forma equity value of more than $1 billion if the deal is approved, assuming there are no redemptions by Inflection Point stockholders.
Inflection Point currently holds approximately $330 million of cash in trust, including $29 million of committed capital from an affiliate of its sponsor. Intuitive Machines’ existing equity security holders are expected to hold approximately 62% of the outstanding shares post-close, assuming no redemptions.
The deal is projected to close in the first quarter of 2023.
J.P. Morgan Securities is exclusive financial advisor to Intuitive Machines. Cantor Fitzgerald & Co. is financial advisor and capital markets advisor to Inflection Point. Cantor Fitzgerald & Co. is placement agent for PIPE financing.
Latham & Watkins is legal advisor to Intuitive Machines, and White & Case is counsel to Inflection Point. DLA Piper is serving as legal counsel to Cantor Fitzgerald.
Intuitive Machines supplies space products and services to support sustained robotic and human exploration “to the Moon, Mars, and beyond.” Products and services are offered through four business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure. Read more.
