Mynaric Announces Receipt of Deficiency Letters from Nasdaq
Mynaric (NASDAQ:MYNA) has received multiple deficiency notices from Nasdaq regarding listing compliance issues. The company received two notification letters: one on January 9, 2025, for failing to file required interim financial statements, and another on January 13, 2025, for not holding an annual shareholders meeting within the required timeframe.
While these notifications don't immediately affect Mynaric's trading status on Nasdaq, the company must submit compliance plans within 60 days for the financial reporting issue and 45 days for the annual meeting requirement. If accepted, Nasdaq may grant extensions until June 30, 2025. Additionally, Mynaric was previously notified of non-compliance with the minimum market value requirement of $50 million.
The company is currently reviewing options to address these compliance issues. If Mynaric fails to meet these requirements or their compliance plans are not accepted, their ADSs could face delisting from Nasdaq.
Mynaric (NASDAQ:MYNA) ha ricevuto più avvisi di carenza da Nasdaq riguardo a questioni di conformità per la quotazione. L'azienda ha ricevuto due lettere di notifica: una il 9 gennaio 2025, per non aver presentato i rendiconti finanziari intermedi richiesti, e un'altra il 13 gennaio 2025, per non aver tenuto un'assemblea annuale degli azionisti entro il termine richiesto.
Sebbene queste notifiche non influenzino immediatamente lo stato di trading di Mynaric su Nasdaq, l'azienda deve presentare piani di conformità entro 60 giorni per la questione della rendicontazione finanziaria e 45 giorni per il requisito dell'assemblea annuale. Se accettati, Nasdaq può concedere proroghe fino al 30 giugno 2025. Inoltre, Mynaric era già stata avvisata di non conformità rispetto al requisito di valore di mercato minimo di 50 milioni di dollari.
L'azienda sta attualmente esaminando opzioni per affrontare queste problematiche di conformità. Se Mynaric non dovesse soddisfare questi requisiti o se i loro piani di conformità non venissero accettati, le loro ADS potrebbero affrontare la delisting da Nasdaq.
Mynaric (NASDAQ:MYNA) ha recibido múltiples notificaciones de deficiencia por parte de Nasdaq relacionadas con problemas de cumplimiento de la cotización. La empresa recibió dos cartas de notificación: una el 9 de enero de 2025, por no presentar los estados financieros interinos requeridos, y otra el 13 de enero de 2025, por no celebrar una reunión anual de accionistas dentro del plazo requerido.
Si bien estas notificaciones no afectan de inmediato el estado de trading de Mynaric en Nasdaq, la empresa debe presentar planes de cumplimiento dentro de los 60 días para el problema de informes financieros y 45 días para el requisito de la reunión anual. Si son aceptados, Nasdaq puede otorgar extensiones hasta el 30 de junio de 2025. Además, Mynaric había sido notificada previamente sobre el incumplimiento del requisito de valor de mercado mínimo de 50 millones de dólares.
La empresa está revisando actualmente opciones para abordar estos problemas de cumplimiento. Si Mynaric no cumple con estos requisitos o si sus planes de cumplimiento no son aceptados, sus ADS podrían enfrentar la deslistación de Nasdaq.
마이너릭 (NASDAQ:MYNA)는 상장 준수 문제와 관련하여 나스닥으로부터 여러 차례 결핍 알림을 받았습니다. 회사는 2025년 1월 9일, 필수 중간 재무 제무서를 제출하지 않은 것에 대해 알림 편지를 받았고, 2025년 1월 13일에는 필수 기한 내 주주총회를 개최하지 않은 것에 대한 두 번째 통보를 받았습니다.
이러한 통지는 즉각적으로 마이너릭의 나스닥 거래 상태에 영향을 미치지 않지만, 회사는 재무 보고 문제에 대한 준수 계획을 60일 이내에 제출하고, 연례 회의 요건에 대해서는 45일 이내에 제출해야 합니다. 만약 받아들여진다면, 나스닥은 2025년 6월 30일까지 연장을 허가할 수 있습니다. 또한, 마이너릭은 5천만 달러의 최소 시장 가치 요건을 준수하지 않았던 사실에 대해서도 이전에 통보를 받았습니다.
회사는 현재 이러한 준수 문제를 해결하기 위한 옵션을 검토하고 있습니다. 만약 마이너릭이 이러한 요구 사항을 충족하지 않거나 그들의 준수 계획이 수용되지 않는다면, 그들의 ADS는 나스닥에서 상장 폐지될 수 있습니다.
Mynaric (NASDAQ:MYNA) a reçu plusieurs avis de carence de la part de Nasdaq concernant des problèmes de conformité liés à la cotation. L'entreprise a reçu deux lettres de notification : l'une le 9 janvier 2025, pour ne pas avoir soumis les états financiers intérimaires requis, et une autre le 13 janvier 2025, pour ne pas avoir tenu une assemblée générale annuelle des actionnaires dans le délai imparti.
Bien que ces notifications n'affectent pas immédiatement le statut de trading de Mynaric sur Nasdaq, l'entreprise doit soumettre des plans de conformité dans un délai de 60 jours pour le problème de reporting financier et de 45 jours pour le requisitoire de l'assemblée annuelle. Si acceptés, Nasdaq peut accorder des prolongations jusqu'au 30 juin 2025. De plus, Mynaric avait précédemment été notifiée de non-conformité concernant l'exigence de valeur de marché minimum de 50 millions de dollars.
L'entreprise examine actuellement des options pour traiter ces problèmes de conformité. Si Mynaric ne parvient pas à répondre à ces exigences ou si ses plans de conformité ne sont pas acceptés, leurs ADS pourraient faire face à un retrait de la liste de Nasdaq.
Mynaric (NASDAQ:MYNA) hat mehrere Mängelanzeigen von Nasdaq bezüglich der Einhaltung der Listungsanforderungen erhalten. Das Unternehmen erhielt zwei Mitteilungsschreiben: eines am 9. Januar 2025, weil es die erforderlichen Zwischenfinanzberichte nicht eingereicht hatte, und ein weiteres am 13. Januar 2025, weil es innerhalb des erforderlichen Zeitrahmens keine jährliche Hauptversammlung der Aktionäre durchgeführt hat.
Obwohl diese Mitteilungen Mynarics Handelsstatus an der Nasdaq nicht sofort beeinflussen, muss das Unternehmen innerhalb von 60 Tagen einen Plan zur Einhaltung der finanziellen Berichterstattung und innerhalb von 45 Tagen für die Anforderungen an die Hauptversammlung einreichen. Wenn akzeptiert, kann Nasdaq Fristverlängerungen bis zum 30. Juni 2025 gewähren. Darüber hinaus wurde Mynaric zuvor wegen Nichteinhaltung des Mindestmarktwerts von 50 Millionen Dollar benachrichtigt.
Das Unternehmen prüft derzeit Optionen zur Behebung dieser Compliance-Probleme. Sollte Mynaric diese Anforderungen nicht erfüllen oder sollten ihre Compliance-Pläne nicht akzeptiert werden, könnte es zu einer Delistung ihrer ADS von Nasdaq kommen.
- None.
- Failed to file required interim financial statements
- Failed to hold annual shareholder meeting within required timeframe
- Market value fallen below $50 million minimum requirement
- Risk of potential delisting from Nasdaq if compliance not achieved
- Multiple simultaneous listing compliance violations
Insights
The receipt of multiple deficiency letters from Nasdaq represents a critical regulatory challenge for Mynaric. The company faces three significant compliance issues: failure to file interim financial statements, failure to hold an annual shareholder meeting and market value falling below $50 million. The combination of these violations suggests deeper operational and financial difficulties.
The most concerning aspect is the market value non-compliance, as it directly reflects investor confidence and capital market access. With a current market cap of
The failure to file interim financials raises red flags about potential internal control issues or financial distress. The missing annual shareholder meeting compounds governance concerns. While trading continues under MYNA, the risk of delisting is substantial unless dramatic improvements occur across all three areas.
The convergence of multiple Nasdaq compliance violations paints a troubling picture of Mynaric's financial health and corporate governance. The 76% shortfall from the required market value threshold indicates severe market confidence issues. Historical patterns show that companies receiving multiple deficiency notices simultaneously often face significant challenges in maintaining their listing status.
The absence of interim financial reporting is particularly concerning as it limits investor visibility into the company's current financial position and performance trends. This information vacuum typically leads to increased market uncertainty and potential selling pressure, further compromising the company's ability to meet the market value requirement.
The missed shareholder meeting deadline suggests potential internal organizational challenges that could impact the company's ability to execute an effective compliance recovery plan. These compliance issues could trigger covenant violations in any existing financing agreements, potentially creating a cascade of financial challenges.
MUNICH, DE / ACCESSWIRE / January 15, 2025 / Mynaric (NASDAQ:MYNA)(FRA:M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, today announced that it received a notification letter dated January 9, 2025 (the "Deficiency Letter I") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq") notifying that Mynaric is no longer in compliance with the Nasdaq continued listing criteria, including the Nasdaq Listing Rule 5250(c)(2) due to its failure to file an interim balance sheet and income statement as of the end of its second quarter on Form 6-K no later than six months following the end of the Mynaric's second quarter (the "Interim Reporting Requirement"). Furthermore, Mynaric today announced that it received a notification letter dated January 13, 2025 (the "Deficiency Letter II") from Nasdaq notifying that Mynaric is no longer in compliance with Listing Rule 5620(a) due to its failure to hold an annual meeting of shareholders within twelve months of the end of the Mynaric's fiscal year (the "Annual Meeting Requirement").
The Deficiency Letter I and Deficiency Letter II have no immediate effect on the listing of Mynaric's American Depositary Shares representing its ordinary shares (the "ADS"), which continue to trade under the symbol "MYNA."
The Deficiency Letter I provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(F), Mynaric has 60 calendar days to submit a plan to regain compliance and if Nasdaq accepts such plan, Nasdaq can grant an exception of up to 180 calendar days from the filing's due date, or until June 30, 2025, to regain compliance with the Interim Reporting Requirement. The Deficiency Letter II provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(G), Mynaric has 45 calendar days to submit a plan to regain compliance and if Nasdaq accepts such plan, Nasdaq can grant an exception of up to 180 calendar days from the filing's due date, or until June 30, 2025, to regain compliance with the Annual Meeting Requirement.
In the event Mynaric does not submit the respective plans, or Nasdaq does not grant an exception, Mynaric will receive written notification from Nasdaq that Mynaric's ADS are subject to delisting. At that time, Mynaric may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules.
In addition, Mynaric has been previously notified by Nasdaq that it is no longer in compliance with the Nasdaq Listing Rule 5450(b)(2)(A) due to its failure to maintain a minimum of
Mynaric is reviewing its options for regaining compliance with the Interim Reporting Requirement, the Annual Meeting Requirement, and the MVLS Requirement and for remedying other future potential non-compliances with Nasdaq continued listing requirements. There can be no assurance that Mynaric will be able to regain compliance with the MVLS Requirement or other Nasdaq continued listing requirements in a timely fashion, in which case its securities would be delisted from Nasdaq.
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.
Forward-Looking Statement
This release includes forward-looking statements. All statements other than statements of historical or current facts contained in this release, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target" "will," "would" and/or the negative of these terms or other similar expressions that are intended to identify forward-looking statements.
The forward-looking statements included in this release are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond our control, and actual results may differ materially from those expected or implied as forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to (i)the impact of any geopolitical tensions or the global COVID-19 pandemic on the global economy, our industry and markets as well as our business, (ii) risks related to our limited operating history, our history of significant losses and the execution of our business strategy, (iii) risks related to our ability to successfully manufacture and deploy our products and risks related to serial production of our products, (iv) risks related to our sales cycle which can be long and complicated, (v) risks related to our limited experience with order processing, our dependency on third-party suppliers and external procurement risks, (vi) risks related to defects or performance problems in our products, (vii) effects of competition and the development of the market for laser communication technology in general, (viii) risks related to our ability to manage future growth effectively and to obtain sufficient financing for the operations and ongoing growth of our business, (ix) risks relating to the uncertainty of the projected financial information, (x) risks related to our ability to adequately protect our intellectual property and proprietary rights and (xi) changes in regulatory requirements, governmental incentives and market developments. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.
The forward-looking statements included in this release are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless required under applicable law, neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release or otherwise. You should read this release with the understanding that our actual future results, levels of activity, performance and events and circumstances may materially differ from what we expect.
SOURCE: Mynaric AG
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FAQ
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