Intuitive Machines falls after boosted $300 mln convertible bond deal

Shares of moon lander-maker Intuitive Machines LUNR.O down 10.3% at $9.41 before the bell in wake of upsized capital raise

Houston-Texas-based LUNR late Wed announced pricing offering of $300 mln 2.5% 5-yr convertible bonds

Initial conversion price set at approx $13.11, 25% above stock's last close

Co late Wed had announced $250 mln deal for general purposes, including operations, R&D and potential acquisitions

It intends to use $32 mln of net offering of proceeds to pay for capped calls, derivative transactions to offset dilution

Through Wed, LUNR shares down 42% YTD for ~$1.9 bln market cap

6 of 9 analysts rate LUNR "buy", 2 rate "hold" and 1 recommends "sell"; median PT is $16 - LSEG