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

What Happened
Dr. Kamal Ghaffarian, a reported 10% owner of Intuitive Machines (LUNR), sold about 96,304 shares in open-market transactions on September 8–9, 2026, generating approximately $1,483,832 in proceeds. The largest block was 93,105 shares at a weighted average price of $15.39 (about $1.433M). Smaller sales included 1,501 shares at a weighted $15.76 ($23,652) and 1,698 shares at $16.00 ($27,173). In conjunction with these sales, the filing also reports exercises/conversions of derivative units (94,606 on 9/8 and 1,698 on 9/9) and corresponding dispositions to the issuer (see footnotes).

Key Details

• Transaction dates: Sept 8–9, 2026. Sales were effected under a Rule 10b5‑1 plan adopted Dec 4, 2025 (F4).
• Sales and prices:
  • 93,105 shares on 9/8 at a weighted avg $15.39 (range $14.75–$15.7467) — $1,433,007 (F5).
  • 1,501 shares on 9/8 at weighted avg $15.76 (range $15.75–$15.78) — $23,652 (F6).
  • 1,698 shares on 9/9 at weighted avg $16.00 (range $16.00–$16.01) — $27,173 (F7).
• Exercises/conversions (derivative code M) and immediate dispositions to the issuer (D) were recorded for 94,606 shares (9/8) and 1,698 shares (9/9). Footnote F1 explains common units may be redeemed for Class A shares on a one‑for‑one basis and that redemption can trigger cancellation of Class C shares.
• Holdings after transactions (reported of record): GM Enterprises, LLC — 2,241,121 common units / Class C shares; Ghaffarian Enterprises, LLC — 31,883,115 common units / Class C shares and 3,494,768 Class A shares (F2).
• Beneficial ownership note: Dr. Ghaffarian is sole managing member/trustee of the entities and may be deemed to share beneficial ownership but disclaims it except for his pecuniary interest (F3).
• Filing timeliness: Report filed Sept 10, 2026 for transactions on Sept 8–9; no late filing flag is indicated.

Context

• These transactions are primarily sales under a pre-established 10b5‑1 trading plan, which is a common way insiders schedule trades and typically indicates decisions made under a predetermined program rather than ad hoc market timing.
• The filing shows derivative exercises followed by dispositions to the issuer and open-market sales — effectively a conversion/exercise plus sale rather than a simple buy. For retail investors, such sales reduce the insider’s share exposure but do not by themselves indicate company performance or near-term outlook.
• As a 10% owner (through affiliated entities), these holdings are largely institutional/ownership-structure matters rather than routine executive compensation trades.