Shares of Intuitive Machines LUNR, -8.29% were higher in after-hours trading on Thursday after the exploration, infrastructure and services company said it had secured a $20 million equity investment.
The stock was up 7% at $5.10 at 6:45 p.m. ET, and finished the day’s regular session down 8.2% at $4.76. So far this year the stock has fallen 52%. Intuitive Machines said the agreement with an institutional investor is for the issuance and sale of stock and warrants, and is expected to close on Sept. 5. The company said net proceeds from the deal will be used for general corporate purposes and working capital needs.