Intuitive Machines (LUNR) Jumps 12.5% on Lanteris Buyout Completion

We recently published 10 Big Names Delivering Outsized Gains. Intuitive Machines Inc. (NASDAQ:LUNR) was one of the top performers on Wednesday.

Intuitive Machines rebounded by 12.46 percent on Wednesday to close at $19.76 apiece  following successful acquisition of spacecraft manufacturer, Lanteris Space Systems, for $800 million, strengthening its position as a vertically integrated next-generation space player globally.

In a statement, Intuitive Machines Inc. (NASDAQ:LUNR) said that the acquisition involved the payment of $450 million in cash and issuance of $350 million worth of Intuitive Machines Class A common stock.

“This acquisition marks a defining moment in the evolution of Intuitive Machines,” said Intuitive Machines Inc. (NASDAQ:LUNR) CEO Steve Altemus.

“We previously proved our ability to operate on the Moon. With Lanteris, we add flight-proven manufacturing at scale. Together, these strengths transform Intuitive Machines into a multi-domain, end-to-end solutions provider that can build spacecraft, connect resilient communications and navigation networks, and operate systems across LEO, MEO, GEO and cislunar space,” he added.

Lanteris’ LEO, MEO and GEO satellites support missile warning and tracking, tactical intelligence, surveillance, reconnaissance, Earth observation, and space domain awareness.

According to Intuitive Machines Inc. (NASDAQ:LUNR), the acquisition also strengthens its ability to service future Golden Dome, Space Development Agency layered architecture, and NASA’s Artemis and Lunar Terrain Vehicle initiatives, as well as future Mars telecommunications missions.

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Disclosure: None. This article is originally published at Insider Monkey.