Intuitive Machines, Inc. LUNR shares are trading lower by 18.2% to $2.32 Thursday morning after the company announced the full exercise of an outstanding Series B Common Stock Purchase Warrant by an existing accredited investor, resulting in the purchase of approximately 4,705,883 shares of the Company’s Class A common stock.

In exchange for the exercise, the investor received a new unregistered Series A Common Stock Purchase Warrant and a new unregistered Series B Common Stock Purchase Warrant, collectively referred to as the “New Warrants.”

The New Series A Warrant becomes exercisable upon final stockholder approval, while the New Series B Warrant becomes exercisable upon receipt of final stockholder approval and has an 18-month expiration period.

The transaction generated gross proceeds of about $11.8 million for Intuitive Machines. Cantor Fitzgerald & Co. served as the exclusive-warrant inducement agent for the deal.

According to data from Benzinga Pro, LUNR has a 52-week high of $136.00 and a 52-week low of $2.09.