It's been a brutal start to the year for companies bold enough to go public through SPAC mergers, but in that sea of red, a space-exploration company stands out as a raging success, bloomberg reports.
Intuitive Machines, which debuted earlier this week, has soared 330% to $44.77 after more than tripling on Thursday, triggering at least seven halts. The Houston-based company, with the ticker LUNR, is the top performing de-SPAC to start trading this year.
The company merged with Inflection Point Acquisition. As announced in September, the deal carried a pro forma implied enterprise value of approximately $815 million, representing a 2.8x EV / projected 2023 revenue multiple. Intuitive Machines was expected to have a pro forma equity value of more than $1 billion if the deal is approved — although that assumed there were no redemptions by Inflection Point stockholders. Read more.
Source: Space-Exploration Co.'s 330% Jump Shines in Sea of De-SPAC Pain