Mynaric raised new debt totaling EUR 7.5 million via convertible bond and loan. The lion’s share of 5 million euros is the issue of a convertible bond. “The convertible bond has a term until December 31, 2020 and a fixed conversion price of EUR 56 per new share,” said Mynaric on Monday. This would mean that around 2.9 percent of the current share capital would be spent on a complete conversion, reports the company. A subscription right for shareholders was excluded, the bond was subscribed by an unspecified institutional investor. How the convertible bond will earn interest remains unclear.
Mynaric has also received EUR 2.5 million from a new loan. No details are given on the conditions.
In the past week, the company had announced that all business relations with China would be terminated with immediate effect. The decision was “a consequence of a federal government ban that clearly prohibits the delivery of laser communication products to China,” said Mynaric – the company had asked the government to clarify the situation.
So far, neither laser communication terminals nor components have been delivered to China, the company says. “We have always been aware that laser communication will be perceived as a key technology at some point and will thus become the focus of national security interests. Recent developments have impressively demonstrated that this is now the case, ”said Bulent Altan, CEO of the company.
The company now hopes to do business in other markets. One of the current targets is the USA, where “relevant government contracts are to be awarded soon”. The main focus is on a high-security LEO satellite constellation that will play a central role in a US government communications network. One is involved in the tender, Mynaric said.
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