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

What Happened
Kamal Ghaffarian (reported as a 10% owner) exercised/converted derivative interests and sold 47,303 shares on July 27, 2026. The open-market sales were executed at a weighted average price of $13.20 per share for total proceeds of $624,404. The Form 4 also records related derivative exercise/conversion and a disposition to the issuer in connection with the transactions.

Key Details

• Transaction date: 2026-07-27 (Form 4 filed 2026-07-29). Filing appears timely (filed within the usual 2 business days).
• Sale proceeds: $624,404 (weighted average $13.20). Individual sale prices ranged $12.88–$13.57 (per footnote).
• Shares involved: 47,303 shares (reported via codes M = exercise/conversion of derivative, D = disposition to issuer, S = open-market sale).
• 10b5-1 plan: Sales were effected pursuant to a Rule 10b5-1 plan adopted by Ghaffarian Enterprises, LLC on Dec 4, 2025 (footnote F4).
• Holdings after transaction (reported by related entities): 34,629,897 Common Units / Class C shares (2,241,121 held by GM Enterprises, LLC + 32,388,776 held by Ghaffarian Enterprises, LLC) and 3,494,768 shares of Class A common stock (held by Ghaffarian Enterprises, LLC) (footnote F2).
• Beneficial ownership note: Dr. Ghaffarian is sole managing member/trustee of the reporting entities and may be deemed to share beneficial ownership but disclaims it except for his pecuniary interest (footnote F3).
• Conversion/redemption mechanics: Common Units of Intuitive Machines, LLC may be redeemed one-for-one into the issuer’s Class A shares at the holder’s discretion; redemption may cancel Class C shares (footnote F1).
• Price detail: Weighted average reported; the filer can provide per-trade prices upon request (footnote F5).

Context
This filing shows a sale by a large owner via a pre-arranged 10b5-1 plan after converting derivative/LLC units into issuer shares and selling them—i.e., an exit of newly acquired shares rather than an outright open-market purchase. For retail investors, purchases by insiders can be more informative than routine sales; here the sale appears procedural (conversion + sale under a 10b5-1), and the filing includes standard disclosures about entity ownership and conversion mechanics.