EQS-Adhoc: Mynaric enters into negotiation for further funding with existing lender subject to financial reorganization under StaRUG, and postpones upcoming AGM

MUNICH, December 06, 2024 – Mynaric AG (NASDAQ: MYNA; ISIN: US62857X1019) (FRA: M0YN; ISIN: DE000A31C305) (the “Company”) received preliminary notice from its commissioned independent German restructuring expert indicating further future capital need. Based on these preliminary findings, the Company has entered into negotiations with its primary lender (the “Lender”), affiliates of a US-based global investment management firm, to resolve upon an extension of the US$16.5 million bridge loans maturing on December 30, 2024, as well as to provide additional capital needed to support the Company’s production ramp and fund its on-going operations per the Company’s restructuring plan

The Lender’s willingness to provide additional funding is contingent on the initiation of a financial reorganization under the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen (“StaRUG”)). At this point in time, management considers it more likely than not that the Lender and the Company will agree on additional funding for financial restructuring and that the Company will apply for the initiation of StaRUG proceedings. If StaRUG proceedings are opened, this could result in shareholders losing part or all of their investment in the Company. If StaRUG proceedings are not opened, the Company would have to explore other financing opportunities that are currently not available or in sight.

Absent other current financing options, the Company will now make a provision for contingent liabilities resulting from guarantee obligations in the amount of all loans provided by Lender outstanding, including interest and exit fee. This will lead to a consumption in-full of the share capital of the Company. Therefore, an extraordinary general meeting will be convened in due course in accordance with Section 92 of the German Stock Corporation Act (Aktiengesetz).

With a view to the latest developments, the annual general meeting of the Company, scheduled for December 11, 2024, will be cancelled and postponed. The Company will announce details of this separately in due course.

About Mynaric 

Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C. For more information, visit mynaric.com.

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