Mynaric Announces Receipt of Delisting Notice from Nasdaq
Mynaric (NASDAQ:MYNA) has received a delisting notification from Nasdaq dated February 10, 2025, following the company's initiation of restructuring proceedings under the German Corporate Stabilization and Restructuring Act. Trading of Mynaric's American Depositary Shares (ADS) will be suspended on February 18, 2025.
The delisting comes after multiple compliance failures, including: failure to maintain a minimum market value of $50 million, not filing required quarterly financial statements, failing to hold an annual shareholders meeting, and not meeting the minimum closing bid price requirement of $1.00 per share. The company has the right to appeal Nasdaq's determination but has indicated it will not pursue this option.
Mynaric (NASDAQ:MYNA) ha ricevuto una notifica di delisting da parte di Nasdaq datata 10 febbraio 2025, a seguito dell'avvio da parte dell'azienda di procedure di ristrutturazione ai sensi della Legge tedesca sulla Stabilizzazione e Ristrutturazione Aziendale. Il trading delle Azioni Depositarie Americane (ADS) di Mynaric sarà sospeso il 18 febbraio 2025.
Il delisting arriva dopo molteplici inadempienze, tra cui: mancato mantenimento di un valore di mercato minimo di 50 milioni di dollari, mancata presentazione dei bilanci finanziari trimestrali richiesti, mancata convocazione dell'assemblea annuale degli azionisti e mancato rispetto del requisito del prezzo minimo di chiusura di 1,00 dollaro per azione. L'azienda ha il diritto di presentare ricorso contro la decisione di Nasdaq, ma ha indicato che non intende perseguire questa opzione.
Mynaric (NASDAQ:MYNA) ha recibido una notificación de exclusión de Nasdaq con fecha 10 de febrero de 2025, tras la iniciación por parte de la empresa de procedimientos de reestructuración bajo la Ley Alemana de Estabilización y Reestructuración Corporativa. La negociación de las Acciones de Depósito Americano (ADS) de Mynaric se suspenderá el 18 de febrero de 2025.
La exclusión se produce después de múltiples incumplimientos, que incluyen: no mantener un valor de mercado mínimo de 50 millones de dólares, no presentar los estados financieros trimestrales requeridos, no celebrar una reunión anual de accionistas y no cumplir con el requisito de precio mínimo de cierre de 1,00 dólar por acción. La empresa tiene derecho a apelar la determinación de Nasdaq, pero ha indicado que no perseguirá esta opción.
Mynaric (NASDAQ:MYNA)는 2025년 2월 10일 자로 Nasdaq으로부터 상장 폐지 통지를 받았으며, 이는 회사가 독일 기업 안정화 및 재구성 법에 따라 재구성 절차를 시작했기 때문입니다. Mynaric의 미국 예탁 주식(ADS) 거래는 2025년 2월 18일에 중단됩니다.
상장 폐지는 여러 가지 준수 실패 이후에 발생했습니다. 여기에는 5천만 달러의 최소 시장 가치를 유지하지 못한 것, 필수 분기 재무 보고서를 제출하지 않은 것, 연례 주주 총회를 개최하지 않은 것, 주당 1.00 달러의 최소 종가 요구 사항을 충족하지 못한 것이 포함됩니다. 회사는 Nasdaq의 결정에 대해 항소할 권리가 있지만, 이 옵션을 추구하지 않겠다고 밝혔습니다.
Mynaric (NASDAQ:MYNA) a reçu une notification de radiation de la part de Nasdaq datée du 10 février 2025, suite à l'initiation par la société de procédures de restructuration en vertu de la Loi allemande sur la stabilisation et la restructuration des entreprises. La négociation des Actions de Dépôt Américaines (ADS) de Mynaric sera suspendue le 18 février 2025.
La radiation survient après plusieurs manquements aux règles, notamment : l'incapacité à maintenir une valeur marchande minimale de 50 millions de dollars, le non-dépôt des états financiers trimestriels requis, l'absence de tenue d'une assemblée générale annuelle des actionnaires et le non-respect du prix de clôture minimum de 1,00 dollar par action. L'entreprise a le droit de faire appel de la décision de Nasdaq, mais a indiqué qu'elle ne poursuivra pas cette option.
Mynaric (NASDAQ:MYNA) hat am 10. Februar 2025 eine Mitteilung über die Börsenexklusion von Nasdaq erhalten, nachdem das Unternehmen ein Verfahren zur Restrukturierung gemäß dem deutschen Unternehmensstabilisierungs- und Restrukturierungsgesetz eingeleitet hat. Der Handel mit den American Depositary Shares (ADS) von Mynaric wird am 18. Februar 2025 ausgesetzt.
Die Exklusion erfolgt nach mehreren Nichteinhaltungen, darunter: das Versäumnis, einen Mindestmarktwert von 50 Millionen Dollar aufrechtzuerhalten, das Nichtvorlegen der erforderlichen vierteljährlichen Finanzberichte, das Versäumnis, eine jährliche Hauptversammlung der Aktionäre abzuhalten, und das Nichterfüllen der Mindestschlusskursanforderung von 1,00 Dollar pro Aktie. Das Unternehmen hat das Recht, gegen die Entscheidung von Nasdaq Berufung einzulegen, hat jedoch angegeben, dass es diese Option nicht verfolgen wird.
- None.
- Company to be delisted from Nasdaq
- Market value fell below required $50 million minimum
- Failed to file required quarterly financial statements
- Failed to hold annual shareholders meeting
- Stock price fell below $1.00 minimum requirement
- Company entering financial restructuring proceedings
Insights
The announcement of Mynaric's imminent delisting from Nasdaq, coupled with the initiation of German restructuring proceedings under StaRUG, signals a critical juncture for the laser communications company. The StaRUG process, introduced in 2021, represents Germany's equivalent of U.S. Chapter 11 proceedings, allowing companies to restructure while maintaining operations. However, unlike Chapter 11, StaRUG typically indicates a more severe financial situation as it's often used as a last resort before insolvency.
The company's multiple Nasdaq violations paint a concerning picture:
- Failure to maintain
$50 million market value threshold - Non-compliance with financial reporting requirements
- Missed annual shareholder meetings
- Inability to maintain the minimum
$1.00 share price
The February 18 trading suspension will significantly impact liquidity for current shareholders. While the company maintains its Frankfurt listing (FRA:M0YN), U.S. investors holding ADSs will face challenges in trading their positions. The transition period typically involves converting ADSs to ordinary shares tradable on the Frankfurt exchange, though this process can be complex and costly for retail investors.
The confluence of these events suggests deeper structural and financial challenges beyond mere compliance issues. The company's decision not to appeal the delisting indicates management is prioritizing the restructuring process over maintaining U.S. market presence. This strategic pivot, while potentially necessary for survival, raises questions about the company's ability to maintain its position in the competitive laser communications market, where capital access and market visibility are important for technological development and customer acquisition.
MUNICH, GERMANY / ACCESS Newswire / February 13, 2025 / Mynaric (NASDAQ:MYNA)(FRA:M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, announces that it received a delisting notification dated February 10, 2025 (the "Delisting Notice") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq").
As previously disclosed, on February 7, 2025, Mynaric's management board, with the approval of its supervisory board, resolved on a financial restructuring by proceedings under the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) and notified the competent Munich Local Court - Restructuring Court - of such restructuring project (the "StaRUG Proceeding").
On February 10, 2025, Mynaric received the Delisting Notice from Nasdaq notifying Mynaric that, as a result of the StaRUG Proceeding and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined that Mynaric's American Depositary Shares representing its ordinary shares (the "ADS") will be delisted from Nasdaq. The Delisting Notice also advises Mynaric of its right to appeal Nasdaq's determination pursuant to procedures set forth in the Nasdaq Listing Rule 5800 Series. Mynaric does not intend to pursue an appeal.
Trading of the ADS will be suspended at the opening of business on February 18, 2025. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the ADS from listing and registration on Nasdaq.
Nasdaq has previously notified Mynaric that it is no longer in compliance with (i) Nasdaq Listing Rule 5450(b)(2)(A) for failing to maintain a minimum market value of
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 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.
Contact:
Mynaric AG
+49 8105 7999 0
comms@mynaric.com
www.mynaric.com
SOURCE: Mynaric AG
View the original press release on ACCESS Newswire
FAQ
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