Mynaric Updates on Operational Continuity and Ongoing Production and Deliveries
Mynaric (NASDAQ:MYNA), a laser communications products provider, confirms ongoing production and deliveries of its CONDOR Mk3 optical communications terminal while updating on StaRUG proceedings. The company has secured additional funding with a USD 28 million bridge loan and a USD 25 million restructuring loan from lenders in February 2025.
The StaRUG restructuring process aims to provide significant debt relief and includes a capital reduction to zero. This restructuring is designed to strengthen Mynaric's financial position without impacting operational model or manufacturing processes.
Mynaric continues its involvement in key projects including the U.S. Space Development Agency's PWSA Tranche 1 and 2, DARPA's Space-BACN program Phase 2, and collaborations with the European Space Agency and German government on quantum communication capabilities.
Mynaric (NASDAQ:MYNA), fornitore di prodotti per comunicazioni laser, conferma la continua produzione e consegna del suo terminale di comunicazione ottica CONDOR Mk3, fornendo aggiornamenti sui procedimenti StaRUG. L'azienda ha ottenuto un ulteriore finanziamento con un prestito ponte di 28 milioni di dollari e un prestito di ristrutturazione di 25 milioni di dollari da parte dei finanziatori nel febbraio 2025.
Il processo di ristrutturazione StaRUG mira a fornire un significativo sollievo dal debito e include una riduzione del capitale a zero. Questa ristrutturazione è progettata per rafforzare la posizione finanziaria di Mynaric senza influire sul modello operativo o sui processi di produzione.
Mynaric continua il suo coinvolgimento in progetti chiave tra cui il Tranche 1 e 2 dell'Agenzia per lo Sviluppo Spaziale degli Stati Uniti, il programma Space-BACN della DARPA Fase 2, e collaborazioni con l'Agenzia Spaziale Europea e il governo tedesco sulle capacità di comunicazione quantistica.
Mynaric (NASDAQ:MYNA), proveedor de productos de comunicaciones láser, confirma la producción y entrega continuas de su terminal de comunicaciones ópticas CONDOR Mk3, mientras actualiza sobre los procedimientos de StaRUG. La empresa ha asegurado financiamiento adicional con un préstamo puente de 28 millones de dólares y un préstamo de reestructuración de 25 millones de dólares de prestamistas en febrero de 2025.
El proceso de reestructuración de StaRUG tiene como objetivo proporcionar un alivio significativo de la deuda e incluye una reducción de capital a cero. Esta reestructuración está diseñada para fortalecer la posición financiera de Mynaric sin afectar el modelo operativo ni los procesos de fabricación.
Mynaric continúa su participación en proyectos clave, incluidos el Tramo 1 y 2 de la Agencia de Desarrollo Espacial de EE. UU., el programa Space-BACN de DARPA Fase 2, y colaboraciones con la Agencia Espacial Europea y el gobierno alemán en capacidades de comunicación cuántica.
마이나릭 (NASDAQ:MYNA), 레이저 통신 제품 제공업체,는 CONDOR Mk3 광통신 단말기의 지속적인 생산 및 배송을 확인하며 StaRUG 절차에 대한 업데이트를 제공합니다. 이 회사는 2025년 2월에 대출자들로부터 2800만 달러의 브리지 론과 2500만 달러의 구조조정 대출을 확보했습니다.
StaRUG 구조조정 과정은 상당한 부채 경감을 목표로 하며 자본을 제로로 줄이는 것을 포함합니다. 이 구조조정은 마이나릭의 재무 상태를 강화하도록 설계되었으며 운영 모델이나 제조 과정에는 영향을 미치지 않습니다.
마이나릭은 미국 우주 개발국의 PWSA 1단계 및 2단계, DARPA의 Space-BACN 프로그램 2단계 및 유럽우주국과 독일 정부와의 양자 통신 능력 협력 등 주요 프로젝트에 계속 참여하고 있습니다.
Mynaric (NASDAQ:MYNA), fournisseur de produits de communication laser, confirme la production et la livraison continues de son terminal de communication optique CONDOR Mk3, tout en fournissant des mises à jour sur les procédures StaRUG. L'entreprise a obtenu un financement supplémentaire avec un prêt relais de 28 millions de dollars et un prêt de restructuration de 25 millions de dollars de la part de prêteurs en février 2025.
Le processus de restructuration StaRUG vise à fournir un allègement significatif de la dette et comprend une réduction de capital à zéro. Cette restructuration est conçue pour renforcer la position financière de Mynaric sans affecter le modèle opérationnel ni les processus de fabrication.
Mynaric continue de s'impliquer dans des projets clés, notamment le Tranche 1 et 2 de l'Agence de Développement Spatial des États-Unis, le programme Space-BACN de la DARPA Phase 2, et des collaborations avec l'Agence Spatiale Européenne et le gouvernement allemand sur des capacités de communication quantique.
Mynaric (NASDAQ:MYNA), Anbieter von Laserkommunikationsprodukten, bestätigt die fortlaufende Produktion und Lieferung seines optischen Kommunikationsgeräts CONDOR Mk3 und gibt ein Update zu den StaRUG-Verfahren. Das Unternehmen hat im Februar 2025 zusätzliche Mittel in Form eines Brücken-Darlehens über 28 Millionen USD und eines Umstrukturierungsdarlehens über 25 Millionen USD von Kreditgebern gesichert.
Der StaRUG-Umstrukturierungsprozess zielt darauf ab, eine erhebliche Schuldenentlastung zu bieten und umfasst eine Kapitalreduzierung auf null. Diese Umstrukturierung soll die finanzielle Position von Mynaric stärken, ohne das Betriebsmodell oder die Produktionsprozesse zu beeinträchtigen.
Mynaric bleibt weiterhin in wichtigen Projekten aktiv, darunter die Tranche 1 und 2 der U.S. Space Development Agency, das Phase 2-Programm Space-BACN der DARPA sowie Kooperationen mit der Europäischen Weltraumorganisation und der deutschen Regierung zur quantenkommunikativen Fähigkeiten.
- Secured USD 53 million in new funding (USD 28M bridge loan + USD 25M restructuring loan)
- Continuing production and deliveries of CONDOR Mk3 terminal
- Ongoing participation in major government space programs
- Capital reduction to zero, severely impacting existing shareholders
- Company undergoing debt restructuring through StaRUG proceedings
- Significant debt burden requiring financial restructuring
Insights
Mynaric's announcement reveals a critical financial restructuring with severe implications for shareholders. The company is undergoing StaRUG proceedings (a German corporate stabilization mechanism similar to Chapter 11) which, by the company's own admission, includes "a capital reduction to zero" - meaning current shareholders would effectively be wiped out entirely.
This restructuring represents an existential crisis for equity investors despite the company's operational continuity. Mynaric has secured
The financial situation appears dire enough that lenders agreed to provide additional capital only on the condition of complete equity elimination. While the business itself continues manufacturing and delivering its optical communications terminals to customers including the Space Development Agency and DARPA, the financial restructuring effectively represents a total loss scenario for current shareholders.
Chief Restructuring Officer Andreas Reif's statement that the plan would "create a fresh start for Mynaric without affecting our operational model" confirms the company may continue as a going concern, but under an entirely new capital structure that excludes current shareholders. This is a textbook debt-to-equity conversion where creditors become the new owners while previous equity holders are eliminated.
Despite maintaining valuable government contracts and continuing product shipments, the announcement of capital reduction to zero represents catastrophic news for anyone holding shares, as it explicitly states their investment would be rendered worthless through this restructuring process.
Mynaric is continuing to ramp up and increase deliveries of its flagship CONDOR Mk3
StaRUG proceedings intended to place company on secure financial footing moving forward
MUNICH, DE / ACCESS Newswire / March 10, 2025 / Mynaric (NASDAQ:MYNA)(FRA:M0YN), a leading provider of industrialized, cost-effective, and scalable laser communications products, today confirms that it is continuing to ramp up production and customer deliveries of the CONDOR Mk3 optical communications terminal and updates on the background to the company's StaRUG proceedings.
"We are continuing to deliver on our promise to the industry to provide scalable products that meet evolving program requirements, and drive innovation in areas such as multi-orbit constellations. To maintain our industry position, we must continue delivering to existing customers while advancing future applications of optical communications technology."
- Joachim Horwath, Chief Technology Officer and founder of Mynaric
The StaRUG proceedings, once completed, would provide for significant debt relief, enabling the company to continue to serve its current and potential customers, suppliers and partners.
"We firmly believe that this restructuring is the best course of action for Mynaric's future. With the support and trust of our lenders, we are confident in our ability to navigate this period successfully and emerge as an even stronger and more reliable partner."
- Andreas Reif, Chief Restructuring Officer of Mynaric
Focus on Delivering on Existing Contracts and Winning Future Opportunities
Mynaric is also continuing to pursue opportunities that explore the use of free-space optical communications for additional space programs.
"Mynaric remains fully committed to delivering high-quality products to our customers throughout this process. The continued support of our lenders strengthens our financial position, enabling us to meet the needs of our current customers while expanding to support future partners seeking to deploy our industry-leading optical communication terminals."
- Tim Deaver, Vice President of Global Sales & Solutions
In addition to contributing to the U.S. Space Development Agency's (SDA) Proliferated Warfighter Space Architecture (PWSA) Tranche 1 and Tranche 2 programs, Mynaric has also been recognized as a key development partner in Phase 2 of DARPA's Space-BACN program, and has been selected by both the European Space Agency (ESA) to investigate optical technologies for next generation high-throughput optical inter-satellite links and the German government to contribute to multiple projects to develop quantum communication capabilities.
Establishing a Stable Financial and Operational Footing Moving Forward
Mynaric's lenders agreed to the restructuring concept on the condition that Mynaric initiates StaRUG proceedings and that the restructuring plan provides for a capital reduction to zero.
"The aim of the StaRUG proceedings is to create a fresh start for Mynaric without affecting our operational model or manufacturing processes. By reducing the debt burden and recapitalizing the balance sheet, Mynaric can invest in high-tech advancements, maintain competitive pricing and secure our position as an industry leader."
- Andreas Reif, Chief Restructuring Officer of Mynaric
To enable Mynaric to cover its expected ongoing operational and working capital until the conclusion of the StaRUG proceedings, Mynaric's lenders committed a fourth bridge loan of USD 28 million in February 2025 as well as an additional USD 25 million restructuring loan, giving Mynaric the necessary resources to support its production plan and ongoing operations.
The implementation of the financial restructuring through the StaRUG proceedings would safeguard jobs, protect creditor interests, and significantly reduce Mynaric's cash interest burden.
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.
Mynaric AG
comms@mynaric.com
+49 8105 7999 0
SOURCE: Mynaric AG
View the original press release on ACCESS Newswire
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