Stock Track | Intuitive Machines Plunges 5.09% After-Hours on 34.6 Million Share Secondary Offering Filing

Stock Track04-02 09:25

Intuitive Machines Inc. (LUNR) experienced a significant 24-hour plunge of 5.09% in post-market trading on Wednesday, reversing earlier intraday gains.

The sharp decline followed the company's filing of a prospectus relating to an offer and sale by selling stockholders of up to 34.6 million shares of its Class A common stock. Such secondary offerings typically increase the supply of shares available in the market, which can put downward pressure on the stock price as it may dilute the ownership stake of existing shareholders.

Earlier in the day, the stock had been buoyed by positive sector sentiment following news that Elon Musk's SpaceX had confidentially filed for an initial public offering, lifting shares of several aerospace companies. However, the after-hours announcement of the significant share sale triggered the sell-off.

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