Latest news with #StaRUG
Associated Press
09-05-2025
- Business
- Associated Press
Mynaric to Receive Early Partial Disbursement of Restructuring Loans Due to Delays in StaRUG Proceedings
MUNICH, DE / ACCESS Newswire / May 9, 2025 / Mynaric AG (OTC PINK:MYNAY)(MOYFF) (ISIN: US62857X1019) (FRA:M0YN) (ISIN: DE000A31C305) (the 'Company') announces the early disbursement of up to USD 10.5 million from the already agreed USD 25 million restructuring facility by its existing lenders due to delays in StaRUG proceedings. On February 7, 2025, the Company had announced, among other things, that it resolved on commencing restructuring proceedings in accordance with the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) ('StaRUG') and on a loan agreement with its U.S.-based lenders CO FINANCE II LVS I LLC and OC III LVS LIII LP (the 'U.S. Lenders') pursuant to which the U.S. Lenders agreed to provide restructuring loans in the amount of USD 25 million (the 'Restructuring Facility') to cover expected capital needs to support the Company's production plan and to fund its ongoing operations in accordance with its restructuring plan. The Company submitted the final restructuring plan to the competent restructuring court in Munich in March 2025. The court today set the discussion and voting meeting (Erörterungs- und Abstimmungstermin) for May 28, 2025. The Company expects the StaRUG proceedings to close in late Q2/2025 or the first of half of Q3/2025. To secure its current operational and working capital needs, the Company today entered into an amendment to the Restructuring Facility, pursuant to which the U.S. Lenders agreed to disburse loans under the Restructuring Facility in a total amount of up to USD 10.5 million earlier than initially contemplated (the 'Early Payout Loans'). The Early Payout Loans are in addition to the USD 95 million loans and the USD 49.5 million bridge loans that the U.S. Lenders provided in the past. The Restructuring Facility (including the Early Payout Loans) will be provided to the Company and guaranteed by each of its subsidiaries and bears interest at a rate of 8% p.a. The disbursement of the Early Payout Loans is subject to the satisfaction of certain conditions, including the execution of a guarantee agreement by the Company and each of its subsidiaries. The Company expects to satisfy such conditions and have the Early Payout Loans fully available by May 12, 2025. The Restructuring Facility (including the Early Payout Loans) will mature on December 31, 2028 and may be terminated early upon, among other things, certain customary events of default. The disbursement of the Early Payout Loans will accordingly reduce the remaining available commitments under the Restructuring Facility. The availability of the remainder is subject to the satisfaction of certain further conditions, including the approval of the restructuring plan and the grant of security. The Company expects to satisfy such conditions and all other applicable conditions. In connection with the amendments to the Restructuring Facility to allow for the disbursement of the Early Payout Loans, the Company agreed to certain additional restrictive covenants vis-à-vis the U.S. Lenders, including the operation of its and its subsidiaries' businesses in the ordinary course of business and the retention of the status quo of their operations until the closing of the sale of the U.S. Lenders' future interest in the Company. The Company learned from a press release published by Rocket Lab USA, Inc. on March 11, 2025 that Rocket Lab and the U.S. Lenders had entered into a non-binding term sheet regarding the U.S. Lenders' future interest in the Company subject to the execution of definitive agreements, the completion of the StaRUG restructuring and the receipt of regulatory approvals. The Company is not party to the term sheet or the definitive agreements. About Mynaric Mynaric (OTC: MYNAY, MYOYFF) (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 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 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. SOURCE: Mynaric AG press release
Business Wire
30-04-2025
- Business
- Business Wire
voxeljet AG Announces Financial Restructuring With StaRUG Procedure After General Meeting Rejects Approval of the Sale of the Business to Anzu
FRIEDBERG, Germany--(BUSINESS WIRE)--Today, voxeljet AG (the ' Company ') announced that at today's general meeting, the resolution proposal to approve the sale of the business of voxeljet AG to companies affiliated with Anzu Partners LLC (' Anzu ') did not receive the required majority of votes. As a result, the transaction announced at the end of last year will not be implemented. After the general meeting, the Company's main creditor, which is affiliated with Anzu, agreed to provide financial contributions as part of a restructuring plan in accordance with the German Company Stabilization and Restructuring Act (' StaRUG '). Subsequently, the management board and supervisory board of the Company decided to file a restructuring measure in accordance with StaRUG with the Local Court of Munich at short notice. The planned restructuring measure is aimed at restoring the Company's financial capability. A targeted realignment of the capital structure is intended to improve the short-term liquidity situation, reduce the debt burden and strengthen the equity base. The restructuring plan provides for an adjustment of the promissory note loans granted by the main creditor. This includes a debt waiver totaling EUR 3,500,000, of which EUR 500,000 will be waived in the year 2025 and EUR 1,500,000 in each of the years 2026 and 2027. In addition, the annual interest rate will be reduced to 3% p.a. from July 2026 onwards. No interest payments are due between August 2025 and June 2026. The term of the loans will be extended until at least 2030. The restructuring plan also provides for a simplified reduction of the share capital of voxeljet AG to zero. The implementation will result in the exclusion of the current shareholders of voxeljet AG without compensation. This will be followed by a capital increase excluding shareholders' subscription rights. The new shares will be subscribed by the main creditor as investor, who will contribute new equity capital of EUR 2,500,000 as part of the capital increase. The planned measures on the debt and equity side are designed to position the company for long-term competitiveness and economic viability. Since it is not predominantly likely that the capital measures envisaged in the restructuring plan will obtain the necessary approval of the general meeting (at least 75% of the share capital present), the restructuring plan shall be implemented in accordance with StaRUG. On this basis, the Company will work with its advisors to prepare further documentation at short notice. The implementation of the agreement on the restructuring plan will remain subject to customary closing conditions. The preparation, auditing, and publication of the annual and consolidated financial statements of voxeljet AG will only be possible once the implementation of the restructuring plan has been secured. As a result, the publication of the annual and consolidated financial statements for 2024 will be delayed and cannot take place until the second half of August 2025 at the earliest. ABOUT VOXELJET voxeljet's was founded in 1999 as a spin-off from Technical University Munich (TUM) with a clear vision in mind: to establish a new manufacturing standard by developing new generative processes for the series-production of complex components using 3D printing. In the beginning, operations were launched with four employees at the TUM. Today, we are a globally acting, leading provider of high-speed, large-format 3D printers and on-demand 3D printed parts to industrial and commercial customers. Components manufactured with the help of voxeljet technology are flying in space, make mobility more efficient and the production of new engineering solutions possible. Visit voxeljet's website and follow us on LinkedIn, or on Twitter.
Yahoo
10-03-2025
- Business
- Yahoo
Mynaric Updates on Operational Continuity and Ongoing Production and Deliveries
Mynaric is continuing to ramp up and increase deliveries of its flagship CONDOR Mk3 StaRUG proceedings intended to place company on secure financial footing moving forward MUNICH, March 10, 2025 /PRNewswire/ -- Mynaric (NASDAQ: MYNA) (FRA: M0YN), a leading provider of industrialized, cost-effective, and scalable laser communications products, today confirms that it is continuing to ramp up production and customer deliveries of the CONDOR Mk3 optical communications terminal and updates on the background to the company's StaRUG proceedings. "We are continuing to deliver on our promise to the industry to provide scalable products that meet evolving program requirements, and drive innovation in areas such as multi-orbit constellations. To maintain our industry position, we must continue delivering to existing customers while advancing future applications of optical communications technology." - Joachim Horwath, Chief Technology Officer and founder of Mynaric The StaRUG proceedings, once completed, would provide for significant debt relief, enabling the company to continue to serve its current and potential customers, suppliers and partners. "We firmly believe that this restructuring is the best course of action for Mynaric's future. With the support and trust of our lenders, we are confident in our ability to navigate this period successfully and emerge as an even stronger and more reliable partner." - Andreas Reif, Chief Restructuring Officer of Mynaric Focus on Delivering on Existing Contracts and Winning Future Opportunities Mynaric is also continuing to pursue opportunities that explore the use of free-space optical communications for additional space programs. "Mynaric remains fully committed to delivering high-quality products to our customers throughout this process. The continued support of our lenders strengthens our financial position, enabling us to meet the needs of our current customers while expanding to support future partners seeking to deploy our industry-leading optical communication terminals." - Tim Deaver, Vice President of Global Sales & Solutions In addition to contributing to the U.S. Space Development Agency's (SDA) Proliferated Warfighter Space Architecture (PWSA) Tranche 1 and Tranche 2 programs, Mynaric has also been recognized as a key development partner in Phase 2 of DARPA's Space-BACN program, and has been selected by both the European Space Agency (ESA) to investigate optical technologies for next generation high-throughput optical inter-satellite links and the German government to contribute to multiple projects to develop quantum communication capabilities. Establishing a Stable Financial and Operational Footing Moving Forward Mynaric's lenders agreed to the restructuring concept on the condition that Mynaric initiates StaRUG proceedings and that the restructuring plan provides for a capital reduction to zero. "The aim of the StaRUG proceedings is to create a fresh start for Mynaric without affecting our operational model or manufacturing processes. By reducing the debt burden and recapitalizing the balance sheet, Mynaric can invest in high-tech advancements, maintain competitive pricing and secure our position as an industry leader." - Andreas Reif, Chief Restructuring Officer of Mynaric To enable Mynaric to cover its expected ongoing operational and working capital until the conclusion of the StaRUG proceedings, Mynaric's lenders committed a fourth bridge loan of USD 28 million in February 2025 as well as an additional USD 25 million restructuring loan, giving Mynaric the necessary resources to support its production plan and ongoing operations. The implementation of the financial restructuring through the StaRUG proceedings would safeguard jobs, protect creditor interests, and significantly reduce Mynaric's cash interest burden. 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 Media Contact:Krista 900-9966 View original content to download multimedia: SOURCE Mynaric USA, Inc. Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
Mynaric Extends Maturity of Three Existing Bridge Loans Until February 7, 2025 and Expects Additional Bridge Loan, Restructuring Loan and Application for StaRUG Proceedings
MUNICH, DE / / January 31, 2025 / Mynaric AG (NASDAQ:MYNA)(ISIN: US62857X1019)(FRA:M0YN)(ISIN: DE000A31C305) (the "Company") announces the extension of the maturity of its three bridge loans and the expectation to agree on a fourth bridge loan, a separate restructuring loan and an application for the initiation of a financial reorganization under the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen ("StaRUG"). New maturity date of bridge loans The Company today entered into an amendment to its existing loan agreement with its U.S.-based lenders, which are funds affiliated with a U.S.-based global investment management firm (the "Lenders"), pursuant to which the Lenders have agreed to extend the maturity date of the three existing bridge loans in the aggregate amount of USD 21.5 million from January 31, 2025 to February 7, 2025. The Lenders provided such loans in October 2024, November 2024 and December 2024. The three bridge loans can still be terminated early if, among other things, the previously commissioned independent German restructuring expert provides notice on or prior to the new maturity date that it is no longer more likely than not that the Company is capable of being restructured. As of January 29, 2025, the Company had cash and cash equivalents on hand of EUR 8.4 million, which the Company will use to meet its ongoing operational and working capital needs. The provision that the Company made in December 2024 for contingent liabilities resulting from guarantee obligations in the amount of all loans provided by the Lenders outstanding, including interest and exit fee, remains in place. Preparation of StaRUG proceedings The extension of the maturity date is the result of very advanced discussions with the Lenders for a fourth bridge loan and a separate restructuring loan. Based thereon, the management board of the Company concluded today that it is mostly probable that the Company will apply for the initiation of StaRUG proceedings with the competent local court (Amtsgericht) of Munich in the upcoming days. The expected filing of the application for the initiation of StaRUG proceedings would, among other things, remain subject to the successful finalization of the negotiations and resolutions of the management board and the supervisory board of the Company. The fourth bridge loan is to cover the expected ongoing operational and working capital needs of the Company until the anticipated time of the conclusion of StaRUG proceedings and is expected to have similar terms to the three existing bridge loans. The Company is in the process of verifying the exact amount needed and expects it to be slightly higher than the aggregate initial principal amount of the three bridge loans. The separate loan agreement pursuant to which the Lenders would provide additional capital would cover the capital expected to be needed to support the Company's production plan and fund its ongoing operations per the restructuring plan and would be subject to the condition that the StaRUG proceedings are concluded successfully. The Company is also in the process of verifying the exact amount needed for such loan. Currently, it is envisaged that the restructuring plan will provide for a reduction of the Company's share capital to zero followed by a capital increase excluding statutory subscription rights. Accordingly, the StaRUG proceedings may result in shareholders losing all of their investment in the Company. Other financing opportunities for the Company are currently neither available nor in sight. 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 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 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. Company: Mynaric AG Bertha-Kipfmüller-Str. 2-8 81249 München Germany Phone: +49 8105 7999 0 E-mail: comms@ SOURCE: Mynaric AG View the original press release on ACCESS Newswire Sign in to access your portfolio
