Two days after Inflection Point shareholders approved merging with Intuitive Machines, the SPAC disclosed it has added a forward purchase agreement to help push the deal across the finish line.
Investors Polar and HCG each agreed to hold up to 1.25 million shares until the merger closes.
Each FPA provides that no later than the earlier of (a) one business day after the closing and (b) the date any assets from Inflection Point's trust account are disbursed for the business combination, the seller will be paid directly, out of the funds held in the SPAC's trust account, an amount equal to the product of the redemption price plus 30 cents per share and the number of shares specified in the FPA.
The SPAC said Wednesday that 23,583,061 shares were voted in support of the merger with 10,170,081 against. The 8-K did not mention redemptions, if any, nor did it cite an anticipated closing date on the deal.
Intuitive Machines supplies space products and services to support sustained robotic and human space exploration. Read more.
Source: Inflection Point Acquisition Adds Backstop Following Approval of Intuitive Machines Deal