What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2024-03-25 compared with 2023-03-31 · 14 added, 71 removed, 3 unchanged (97% of the section changed)

Market for Registrant’s Common

Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our Class A Common

Stock began trading on the Nasdaq under the symbol “LUNR” on February 14, 2023.

Our warrants began trading on the Nasdaq under

the symbol “LUNRW” on the same day.

At March 29, 2023, there

were ten holders of record of our Class A Common Stock, three holders of record of our Class B common stock, par value $0.0001 per

share (the “Class B Common Stock”), five holders of record of our Class C common stock, par value $0.0001 per share (the “Class

C Common Stock”), two holders of record of our Series A Preferred Stock, and two holders of record of our warrants.

Our Class A Common Stock and Public Warrants are listed on the Nasdaq Stock Market (the “Nasdaq”) under the symbols “LUNR” and “LUNRW,” respectively.

As of March 15, 2024, there were 46 holders of record of our Class A Common Stock, 0 holders of record of our Class B Common Stock, 5 holders of record of our Class C Common Stock, 1 holder of record of our Series A Preferred Stock, and 1 holder of record of our public warrants.

In calculating the number of shareholders, we consider clearing agencies and security position listings as one shareholder for each agency or listing.

Dividend Policy

We have no current plans to pay dividends on our

Class A Common Stock.

We have not declared or paid dividends on our common stock to date.

We have no current plans to pay dividends on our Class A Common Stock in the foreseeable future.

Holders of our Class B Common Stock and Class C Common Stock do not have any right to receive dividends.

or to receive a distribution upon a liquidation, dissolution, or winding up of Intuitive Machines, Inc., with respect to their Class B

Common Stock or Class C Common Stock.

Our Series A Preferred Stock pays dividends, semi-annually at the rate of 10% of the original

price per share, plus the amount of previously accrued, but unpaid dividends, compounded semi-annually, and participates with the Class A

Common Stock on all other dividends.

Accrued dividends may be paid (i) in cash, (ii) subject to satisfaction of certain equity

conditions, in shares of Class A Common Stock or (iii) accumulated, compounded and added to the liquidation preference.

declaration, amount, and payment of any future dividends on shares of Class A Common Stock is at the sole discretion of our Board,

and we may reduce or discontinue entirely the payment of such dividends at any time.

Our Board may take into account general and economic

conditions, our financial condition and operating results, our available cash and current and anticipated cash needs, capital requirements,

contractual, legal, tax, and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our

subsidiaries to us, and such other factors as our Board may deem relevant.

We are a holding company and have no material

assets other than our ownership of Intuitive Machines OpCo Common Units.

The A&R Operating Agreement provides that certain distributions

to cover the taxes of the holders of Intuitive Machines OpCo Common Units will be made based upon assumed tax rates and other assumptions

provided in the A&R Operating Agreement.

See Part III.

“Certain Relationships and Related Transactions, and Director

Independence — A&R Operating Agreement .

” The manager of Intuitive Machines OpCo has broad discretion

to make distributions out of Intuitive Machines OpCo.

In the event we declare any cash dividend, we expect that Intuitive Machines, Inc.,

as the manager of Intuitive Machines OpCo, would cause Intuitive Machines OpCo to make distributions to us in an amount sufficient to

cover such cash dividends declared by us.

If Intuitive Machines OpCo makes such distributions to us, the other holders of Intuitive Machines

OpCo Common Units will also be entitled to receive the respective equivalent pro rata distributions in accordance with the percentages

of their respective Intuitive Machines OpCo Common Units.

We anticipate that cash received by Intuitive

Machines OpCo may, in certain periods, exceed its liabilities, including tax liabilities, and obligations to make payments under the Tax

Receivable Agreement.

We expect that we may use any such excess cash from time to time to pay dividends, which may include special dividends,

on the Class A Common Stock, to fund repurchases of its Class A Common Stock, or any combination of the foregoing.

in its sole discretion, will make any determination with respect to the use of any such excess cash.

We also expect, if necessary, to undertake ameliorative

actions, which may include pro rata or non-pro rata reclassifications, combinations, subdivisions, or adjustments of outstanding Intuitive

Machines OpCo Common Units, or to declare a stock dividend on our Class A Common Stock of an aggregate number of additional newly

issued shares that corresponds to the number of additional Intuitive Machines OpCo Common Units that Intuitive Machines, Inc.

acquiring , to maintain one-to-one parity between Intuitive Machines OpCo Common Units and shares of Class A Common Stock, Class B

Common Stock and Class C Common Stock.

Any financing arrangements that we enter into

in the future may include restrictive covenants that limit our ability to pay dividends.

In addition, Intuitive Machines OpCo is generally

prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving

effect to the distribution, liabilities of Intuitive Machines OpCo (with certain exceptions) exceed the fair value of its assets.

Since its formation in January 27, 2021,

Intuitive Machines, Inc.

has not paid any dividends to holders of its outstanding common stock.

Securities Authorized for Issuance Under

Equity Compensation Plans

As of December 31, 2022, we did not have

any securities authorized for issuance under equity compensation plans.

On February 13, 2023, in connection with the Transactions, our

shareholders approved the Intuitive Machines, Inc.

2023 Long Term Omnibus Incentive Plan (the “Intuitive Machines Incentive Plan”).

We have reserved a total of 12,706,811 shares of our Class A common stock for issuance pursuant to the Intuitive Machines Incentive Plan,

and the maximum number of shares that may be issued pursuant to the exercise of incentive stock

options granted under the Intuitive Machines Incentive Plan is 12,706,811, in each case, subject to certain adjustments set forth therein .

The declaration, amount, and payment of any future dividends on shares of Class A Common Stock is at the sole discretion of our Board and will depend on a number of factors, including general and economic conditions, our financial condition and operating results, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax, and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to us, and such other factors as our Board may deem relevant.

Unregistered Equity Securities

Sales of unregistered equity securities were previously reported in a Quarterly Report on Form 10-Q or in a Current Report on Form 8-K.

Additionally, you may refer to the following footnote disclosures in this Annual Report on Form 10-K for information on these transactions related to unregistered equity securities:

Note 3 for information on the Series A Investment related to the Business Combination, Note 9 for information on the sell of securities in a private placement with Armistice Capital Master Fund Ltd, and Note 17 for several subsequent event transactions related to unregistered equity securities.

Issuer Purchases of Equity of Securities

Securities Authorized for Issuance Under Equity Compensation Plans

Information about our equity compensation plans is incorporated herein by reference to Part III, Item 12 of this Annual Report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity