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Readers!

 

It is now July, time once again to celebrate the start of this webpage in 2010 with my annual July fund-raising campaign.

 

This year I celebrate the fifteenth anniversary since I began Behind the Black. During that time I have done more than 33,000 posts, mostly covering the global space industry and the related planetary and astronomical science that comes from it. Along the way I have also felt compelled as a free American citizen to regularly post my thoughts on the politics and culture of the time, partly because I think it is important for free Americans to do so, and partly because those politics and that culture have a direct impact on the future of our civilization and its on-going efforts to explore and eventually colonize the solar system.

 

You can’t understand one without understanding the other.

 

Please consider supporting my work here at Behind the Black. Your help allows me to do this kind of intelligent independent analysis you don’t find elsewhere. I take no advertising or sponsors, so my reporting isn’t influenced by donations by established companies or political movements. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.

 

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Intuitive Machines completes merger with SPAC as it goes public

Intuitive Machines, one of a handful of American companies building lunar landers for NASA and others, has completed its merger with a special purpose acquisition company (SPAC), thus becoming a publicly traded stock but raising less money than expected in the process.

Intuitive Machines said Feb. 13 it had closed its merger with Inflection Point Acquisition Corp., a SPAC that trades on the Nasdaq. The merged company, retaining the Intuitive Machines name, will trade on the Nasdaq starting Feb. 14 under the ticker symbol LUNR.

The companies announced the merger in September 2022, long after the mania surrounding SPACs has cooled both in the space industry and the overall market. Inflection Point had $301 million of cash in trust, and the companies said they had arranged an additional $55 million in investment from the SPAC’s sponsors and a founder of Intuitive Machines, along with $50 million CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Company. In an investor presentation linked to the merger announcement, the companies anticipated having more than $330 million in cash after transaction expenses.

However, in the Feb. 13 announcement that the merger had closed, the companies announced only $55 million of “committed capital from an affiliate of its sponsor and company founders.”

It appears that many investors in Inflection Point itself (30% of whom had voted against this merger) had pulled their money from the fund, depleting the $301 million that was originally promised. In addition, yesterday’s announcement made no mention of the $50 million that CF had also committed.

Essentially, the company’s future hinges on the success of its first lunar mission, presently scheduled for June. Should it succeed, the company should be able to replace from other investors the funds that it failed to raise in this merger. Should it fail, it is very possible it will go belly up, as it is likely it will find it difficult if not impossible to find further investment capital.

There is of course the possibility that NASA will keep the company afloat with additional funding, but if so it might be a case of throwing good money after bad, something our government is very good at doing.

Genesis cover

On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.

 

The print edition can be purchased at Amazon. from any other book seller, or direct from my ebook publisher, ebookit. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.


The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
 

"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News

One comment

  • BLSinSC

    Gov’t funding will most likely hinge on “the BIDEN FACTOR”! IF it benefits a BIDEN then it’s a GO!!

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