Mynaric receives non-compliance notification from Nasdaq

Mynaric (MYNA) received a notification letter dated January 9, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market notifying that Mynaric is no longer in compliance with the Nasdaq continued listing criteria, including 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. Furthermore, Mynaric announced that it received a notification letter dated January 13, 2025 from Nasdaq notifying that Mynaric is no longer in compliance with 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 Deficiency Letter I and Deficiency Letter II have no immediate effect on the listing of Mynaric’s American Depositary Shares representing its ordinary shares, which continue to trade under the symbol “MYNA.” The Deficiency Letter I provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(F), Mynaric has 60 calendar days to submit a plan to regain compliance and if Nasdaq accepts such plan, Nasdaq can grant an exception of up to 180 calendar days from the filing’s due date, or until June 30, 2025, to regain compliance with the Interim Reporting Requirement. The Deficiency Letter II provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(G), Mynaric has 45 calendar days to submit a plan to regain compliance and if Nasdaq accepts such plan, Nasdaq can grant an exception of up to 180 calendar days from the filing’s due date, or until June 30, 2025, to regain compliance with the Annual Meeting Requirement. In the event Mynaric does not submit the respective plans, or Nasdaq does not grant an exception, Mynaric will receive written notification from Nasdaq that Mynaric’s ADS are subject to delisting. At that time, Mynaric may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. In addition, Mynaric has been previously notified by Nasdaq that it is no longer in compliance with the Nasdaq Listing Rule 5450(b)(2)(A) due to its failure to maintain a minimum of $50M in market value of listed securities. Mynaric is reviewing its options for regaining compliance with 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. There can be no assurance that Mynaric will be able to regain compliance with the MVLS Requirement or other Nasdaq continued listing requirements in a timely fashion, in which case its securities would be delisted from Nasdaq.