Mynaric Announces Receipt of Deficiency Letter from Nasdaq

Mynaric, a leading provider of industrialized, cost-effective and scalable laser communications products, announces that it received a notification letter dated January 23, 2025 (the “Deficiency Letter”) 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 5450(a)(1) due to its failure to meet the minimum closing bid price per share of Mynaric’s American Depositary Shares representing its ordinary shares (the “ADS”) of $1.00 for a period of 30 consecutive business days (the “Minimum Bid Price Requirement”).

The Deficiency Letter has no immediate effect on the listing of Mynaric’s ADS, which continue to trade under the symbol “MYNA.”

The Deficiency Letter provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), Mynaric has 180 calendar days, or until July 22, 2025 (the “Compliance Period”), to regain compliance with the Minimum Bid Price Requirement. If at any time during the Compliance Period, the closing bid price per share of Mynaric’s ADS is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide Mynaric with a written confirmation of compliance and the matter will be closed.

In the event Mynaric does not regain compliance by July 22, 2025, it may be eligible for an additional 180 calendar day grace period. To qualify, Mynaric will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If Mynaric chooses to implement a reverse stock split, it must complete the split no later than 10 business days prior to July 22, 2025, or the expiration of the second compliance period if granted.

In addition, Mynaric has been previously notified by Nasdaq that it is no longer in compliance with (i) the Nasdaq Listing Rule 5450(b)(2)(A) due to its failure to maintain a minimum of $50 million in market value of listed securities (the “MVLS Requirement”), (ii) 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”), and (iii) the Nasdaq 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”).

Mynaric is reviewing its options for regaining compliance with the Minimum Bid Price Requirement, 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. Mynaric intends to hold its annual general meeting for the fiscal year 2023 on February 21, 2025. However, there can be no assurance that Mynaric will be able to regain compliance with the Minimum Bid Price Requirement, the Interim Reporting Requirement, the Annual Meeting Requirement, and the MVLS Requirement, or other Nasdaq continued listing requirements in a timely fashion, in which case its securities would be delisted from Nasdaq.

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