MUNICH, GERMANY / ACCESSWIRE / March 14, 2024 / Mynaric AG (NASDAQ:MYNA; ISIN: US62857X1019)(FRA:M0YN; ISIN: DE000A31C305) (the "Company") today decided on an amendment to its existing US$75 million loan agreement with its US-based lenders, which are funds affiliated with a U.S.-based global investment management firm (the "Lenders"), to increase the borrowing capacity on the loan agreement by US$20 million utilizing a delayed draw facility provided on substantially the same terms and conditions as the existing term loan facility. As is the case for the existing term loan facility, the borrower under the delayed draw facility will be the Company's wholly-owned subsidiary, Mynaric USA Inc.
The US$20 million delayed draw facility is available until September 2025 and, as is the case for the existing term loan facility, loans drawn thereunder will be guaranteed by the Company and each of its subsidiaries, and will be secured by a security interest in substantially all of the assets of the borrower and each of the guarantors. Loans under the delayed draw facility will bear interest at the same rate as is applicable to loans under the existing term loan facility, namely a rate equal to the Term Secured Overnight Financing Rate (SOFR) for a 3-month tenor or, at the option of the borrower, a certain alternative base rate (subject, in each case, to a 2% floor), plus a margin of 10% or 9%, respectively, and just as is the case for the existing term facility, up to 300 basis points of interest payable on or prior to the first interest payment date occurring on or after April 25, 2025 may be paid in kind by increasing the principal amount of the loans.
The additional liquidity under the amended loan agreement that is expected to become effective today will be fully available thereafter (subject to satisfaction of customary drawdown conditions at the time of any draw, including payment of a 2% original issue discount at the time of any such draw) and is expected to be drawn down as needed to support the Company's working capital requirements and other general corporate purposes.
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 or the global COVID-19 pandemic 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.
This release may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that our presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently.
Contact:
Mynaric AG
+49 8105 7999 0
comms@mynaric.com
www.mynaric.com
SOURCE: Mynaric AG
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