| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | ||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
Intuitive Machines, Inc. [ LUNR ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 02/10/2023 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Class A Common Stock | 02/10/2023 | M(1) | 8,243,750 | A | (1) | 8,243,750 | I | By Inflection Point Holdings LLC(2) | ||
| Class A Common Stock | 2,900,000 | I | By Kingstown 1740 Fund L.P.(2) | |||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Class B ordinary shares, par value $0.0001 per share | (1) | 02/10/2023 | M(1) | 8,243,750 | (1) | (1) | Class A ordinary shares, par value $0.0001 per share | 8,243,750 | $0 | 0 | I | By Inflection Point Holdings LLC(2) | |||
| Warrants to purchase Class A Common Stock | $11.5 | 02/13/2023 | A(4) | 6,845,000 | 03/15/2023 | 02/13/2028 | Class A Common Stock, par value $0.0001 per share | 6,845,000 | $1 | 6,845,000 | I | By Inflection Point Holdings LLC(2) | |||
| Warrants to purchase Class A Common Stock | $11.5 | 02/13/2023 | P(5) | 1,450,000 | 03/15/2023 | 02/13/2028 | Class A Common Stock, par value $0.0001 per share | 1,450,000 | (5) | 1,450,000 | I | By Kingstown 1740 Fund L.P.(3) | |||
| Series A Preferred Stock, par value $0.0001 per share | $12(6) | 02/13/2023 | A | 21,000 | (6) | (6) | Class A Common Stock, par value $0.0001 per share | 1,750,000(6)(8) | (6) | 3,200,000(8) | I | By Kingstown 1740 Fund L.P.(3) | |||
| Warrants to purchase Class A common Stock | $15(6)(7) | 02/13/2023 | A | 437,500(6)(7) | 02/13/2023 | 02/13/2028 | Class A Common Stock, par value $0.0001 per share | 437,500(6)(7)(9) | (6)(7) | 3,637,500(9) | I | By Kingstown 1740 Fund L.P.(3) | |||
1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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| Explanation of Responses: |
| 1. In connection with and immediately prior to the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as Inflection Point Acquisition Corp. or "Inflection Point") and Intuitive Machines, LLC, among other things, each of Inflection Point's Class B ordinary shares converted into one Class A ordinary share of Inflection Point as described under the heading "Description of Securities" in Inflection Point's Registration Statement on Form S-1 (File No.333-253963). Immediately after such conversion, each Class A ordinary share of Inflection Point converted into one share of the Issuer's Class A common stock (the "Class A Common Stock") on a one-for-one basis. |
| 2. Inflection Point Holdings LLC (the "Sponsor") is the holder of such securities. The Sponsor has filed a separate Form 4 in connection with the transactions described herein. Kingstown Capital Management, L.P. ("KCM") is the manager of the Sponsor and shares voting and investment discretion with respect to the securities held by the Sponsor. Kingstown Management GP LLC ("KMGP") is the general partner of KCM and shares voting and investment discretion with respect to the securities held by the Sponsor. Michael Blitzer and Guy Shanon are the Managing Members of KMGP and share voting and investment discretion with respect to the securities held by the Sponsor. Each of KMGP, KCM, Michael Blitzer and Guy Shanon disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest it or he, as applicable, may have therein, directly or indirectly. |
| 3. Kingstown 1740 Fund, L.P. ("Kingstown 1740") is the holder of the securities reported herein. KCM is the investment manager of Kingstown 1740 and shares voting and investment discretion with respect to the securities held by Kingstown 1740. KMGP is the general partner of KCM and shares voting and investment discretion with respect to the ordinary shares held by Kingstown 1740. Kingstown Capital Partners LLC ("KCP") is the general partner of Kingstown 1740. Michael Blitzer and Guy Shanon are the Managing Members of KMGP and share voting and investment discretion with respect to the ordinary shares held by Kingstown 1740. Kingstown 1740 and KCP have filed a separate Form 4 in connection with the transactions described herein. Each of KCM, KMGP, KCP, Michael Blitzer and Guy Shanon disclaims any beneficial ownership of the securities held by Kingstown 1740 other than to the extent of any pecuniary interest it or he, as applicable, may have therein, directly or indirectly. |
| 4. The Warrants are reported as acquired for purposes of Section 16 of the Exchange Act concurrent with the Closing, because, pursuant to their terms, their exercise was not within the control of the Reporting Persons until the Closing. 6,845,000 Warrants were initially acquired in a private placement from the Issuer concurrent with the Issuer's initial public offering. |
| 5. The Warrants are reported as acquired for purposes of Section 16 of the Exchange Act concurrent with the Closing, because, pursuant to their terms, their exercise was not within the control of the Reporting Persons until the Closing. 1,450,000 Warrants were initially acquired in the form of 2,900,000 units in the Issuer's initial public offering, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant, for $10.00 per unit. |
| 6. Upon the Closing of the Business Combination, Kingstown 1740 purchased (i) 21,000 shares of 10% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share of the Issuer (the "Series A Stock") and (ii) a warrant to purchase 437,500 shares of Class A common stock at an initial exercise price of $15.00 per share (the "Preferred Investor Warrants"), subject to adjustment, at an aggregate purchase price of $21,000,000. Each share of Series A Stock is convertible into a number of shares of Class A common stock, which is determined by dividing the Accrued Value (as defined in the Certificate of Designation for the Series A Stock (the "Certificate of Designation")) by the conversion price of $12.00 per share, subject to adjustment as set forth in the Certificate of Designation. Initially, the 21,000 shares of Series A Stock are convertible into 1,750,000 shares of Class A common stock. The Series A Stock has no expiration date. |
| 7. The exercise price of the Preferred Investor Warrants, and the number shares of Class A common stock issuable upon exercise of the Preferred Investor Warrants is subject to adjustment as described under the heading "Description of New Intuitive Machines' Securities" in the Issuer's registration statement on Form S-4 (File No. 333-267846). |
| 8. Pursuant to the Certificate of Designation, Kingstown 1740 has opted for a 9.99% beneficial ownership blocker, pursuant to which it may not convert its shares of Series A Stock into shares of Class A common stock to the extent that, upon giving effect to such conversion, Kingstown 1740 (together with its affiliates and any persons acting as a group together with Kingstown 1740 or its affiliates) would beneficially own greater than 9.99% of the Issuer's Class A common stock as calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended. |
| 9. Pursuant to the terms of the Preferred Investor Warrants, Kingstown 1740 has opted for a 9.99% beneficial ownership blocker, pursuant to which it may not exercise its Preferred Investor Warrants for shares of Class A common stock to the extent that, upon giving effect to such exercise, Kingstown 1740 (together with its affiliates and any persons acting as a group together with Kingstown 1740 or its affiliates) would beneficially own greater than 9.99% of the Issuer's Class A common stock as calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended. |
| Remarks: |
| KCM and KMGP may be deemed directors by deputization by virtue of their representation on the board of directors of the Issuer. Michael Blitzer is a member of the board of directors of the Issuer. Guy Shanon stepped down from the board of directors of the Issuer in connection with Closing. See Exhibit 99.1 - Joint Filer Information, which is incorporated herein by reference and describes in further detail the relationships of the Reporting Persons to the Issuer. |
| /s/ Russell Deutsch, Attorney-in-Fact for Kingstown Capital Management, L.P. | 02/14/2023 | |
| /s/ Russell Deutsch, Attorney-in-Fact for Kingstown Management GP LLC | 02/14/2023 | |
| /s/ Russell Deutsch, Attorney-in-Fact for Michael Blitzer | 02/14/2023 | |
| /s/ Russell Deutsch, Attorney-in-Fact for Guy Shanon | 02/14/2023 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||
Exhibit 99.1
Joint Filer Information
| Name of Joint Filer: | Kingstown Capital Management L.P. |
| Address of Joint Filer: | 167 Madison Avenue, Suite 205 #1033 |
| New York, NY 10016 | |
| Relationship of Joint Filer to Issuer: | 10% Owner, Director by deputization |
| Issuer Name and Ticker or Trading Symbol: | Intuitive Machines, Inc. [LUNR] |
| Date of Event Requiring Statement: | |
| (Month/Day/Year): | 02/10/2023 |
| Name of Joint Filer: | Kingstown Management GP LLC |
| Address of Joint Filer: | c/o Kingstown Capital Management, L.P. |
| 167 Madison Avenue, Suite 205 #1033 | |
| New York, NY 10016 | |
| Relationship of Joint Filer to Issuer: | 10% Owner, Director by deputization |
| Issuer Name and Ticker or Trading Symbol: | Intuitive Machines, Inc. [LUNR] |
| Date of Event Requiring Statement: | |
| (Month/Day/Year): | 02/10/2023 |
| Name of Joint Filer: | Michael Blitzer |
| Address of Joint Filer: | c/o Kingstown Capital Management, L.P. |
| 167 Madison Avenue, Suite 205 #1033 | |
| New York, NY 10016 | |
| Relationship of Joint Filer to Issuer: | 10% Owner, Director |
| Issuer Name and Ticker or Trading Symbol: | Intuitive Machines, Inc. [LUNR] |
| Date of Event Requiring Statement: | |
| (Month/Day/Year): | 02/10/2023 |
| Name of Joint Filer: | Guy Shanon |
| Address of Joint Filer: | c/o Kingstown Capital Management, L.P. |
| 167 Madison Avenue, Suite 205 #1033 | |
| New York, NY 10016 | |
| Relationship of Joint Filer to Issuer: | 10% Owner |
| Issuer Name and Ticker or Trading Symbol: | Intuitive Machines, Inc. [LUNR] |
| Date of Event Requiring Statement: | |
| (Month/Day/Year): | 02/10/2023 |