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Intuitive Machines, Inc.·4

Jun 3, 6:30 PM ET

Ghaffarian Kamal Seyed 4

Research Summary

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Updated

Intuitive Machines (LUNR) 10% Owner Kamal Ghaffarian Sells Shares

What Happened
Kamal Seyed Ghaffarian, a reported 10% owner, exercised/converted 141,909 derivative units into common shares and sold all 141,909 shares in multiple open‑market transactions on June 1, 2026. The sales were executed under a Rule 10b5‑1 plan and generated aggregate reported proceeds of $5,536,840 (weighted average ≈ $39.02 per share). The filing lists the exercise/conversion as transaction code M and the sales as S.

Key Details

  • Transaction date: June 1, 2026 (reported on Form 4 filed June 3, 2026). Filing appears timely.
  • Sales breakdown (reported): 84,411 @ $38.50 ($3,250,212); 37,997 @ $39.09 ($1,485,367); 8,301 @ $40.25 ($334,104); 7,193 @ $41.26 ($296,777); 3,007 @ $42.35 ($127,348); 1,000 @ $43.03 ($43,032). Total proceeds $5,536,840. Reported prices are weighted averages; footnotes list transaction price ranges for each tranche.
  • Shares involved: 141,909 shares exercised/converted (M) and 141,909 shares sold (S). Some filings also show a related disposition to the issuer.
  • Holdings after the transactions (per footnote): GM Enterprises, LLC — 2,241,121 Common Units/Class C; Ghaffarian Enterprises, LLC — 32,830,873 Common Units/Class C and 3,494,768 shares of Class A. Dr. Ghaffarian is the sole managing member/sole trustee of those entities and may be deemed to share beneficial ownership (he disclaims ownership except to the extent of pecuniary interest).
  • Notable footnotes: sales were effected pursuant to a Rule 10b5‑1 plan adopted Dec 4, 2025; Common Units of Intuitive Machines, LLC may be redeemed one‑for‑one into Class A shares (footnote on conversion mechanics).

Context
This was an exercise/conversion of redeemable common units followed by immediate open‑market sales — effectively a disposal of newly acquired shares. For retail investors: sales under a pre‑arranged 10b5‑1 plan are typically scheduled trades rather than ad‑hoc market timing. As always, insider sales are routine liquidity events and not, by themselves, a definitive signal of company prospects.