Mynaric raises extra cash
October 2, 2023
By Chris Forrester
Germany-based Mynaric, which manufactures sophisticated laser technology for use in satellites, is raising cash by selling up to 20 million American Depositary Shares (ADS) equal to 5 million of the company’s ordinary shares.
Dated September 29th, the offer says that the ADS value is currently $4.80 according to their listing on Nasdaq. Mynaric’s German ordinary shares are valued at €18.45 per share.
The news follows on from a major announcement which confirmed Mynaric’s Condor Mk3 laser terminals have passed key tests for Northrop Grumman’s production of 56 satellites for the US Space Development Agency (SDA).
“We have successfully passed the rigorous test regimes and scenarios which demonstrate our terminal’s compliance with SDA’s requirements and actual interoperability with a third-party product,” said Joachim Horwath, Founder and CTO of Mynaric. “It is this interoperability combined with the availability of products at scale that will fully unlock the industrial age of laser communications and we are excited about this significant milestone.”
Mynaric has a contracted backlog of more than 348 of its optical terminals as at April 27th and up from 256 at December 31st last year.