Shares of space exploration company Intuitive Machines (LUNR) experienced a sharp 17.31% plunge in the after-hours trading session on Tuesday, following the company's announcement of plans to raise $65 million through a stock offering, including the sale of shares by an existing holder.
The Houston-based firm had reported a 360% year-over-year increase in revenue to $58.5 million in the third quarter, driven by NASA contracts to deploy relay satellites and provide communication and navigation services. Despite this strong performance, the news of the stock offering led to a significant sell-off in Intuitive Machines' shares.
While Intuitive Machines' stock had gained an impressive 172% over the past three months, the dilutive impact of the planned equity offering weighed heavily on investor sentiment. With a market capitalization of around $2 billion and 140.4 million shares outstanding, the company's stock finished Tuesday's regular trading session at $14.15, down 2.8%.
