Lunar technology company Intuitive Machines received far less cash from its merger with a special purpose acquisition company (SPAC) than it forecasted, according to filings with the U.S. Securities and Exchange Commission made last night.
Although Intuitive Machines said the SPAC trust could furnish the company with as much as $301 million in dry powder, shareholders opted to redeem a staggering $279.8 million prior to the transaction closing. In SPAC deals, shareholders have a right to redeem their shares — and get their money back — which can be a blow to the operating capital for the combined company. The redemptions could reflect a relative weariness amongst investors of SPACs, which saw a huge upswing in popularity in the past few years but have more recently fallen out of favor as post-SPAC companies struggle to stay afloat in the public market.
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