Mynaric raises EUR 11M in post-IPO financing from satellite constellation lead investor, at EUR 55 per share
Munich | 18 March 2019
Munich, March 18, 2019 – Mynaric (Frankfurt Stock Exchange: M0Y, Scale 50, ISIN: DE000A0JCY11) can today announce it will receive additional post-IPO funding of EUR 11M from the lead investor of a satellite constellation it is working with. The shares are subscribed to at EUR 55 per share.
In October 2018, Mynaric announced an MoU with the builder of a satellite constellation that is expected to require upwards of 1,000 of Mynaric’s laser communication terminals, after an initial demonstration mission, and today’s funding comes from the lead investor of that satellite constellation.
We are pleased to announce this funding which underlines both Mynaric’s attractiveness to investors with significant sector expertise and the importance of Mynaric’s products to the satellite constellation we are working with. Receiving this funding at a significant premium to the market price, and from the lead investor of one of our most important customers, is testament to the importance that Mynaric’s products play for this customer in particular and for the future of aerospace connectivity in general.
Dr Wolfram Peschko, Member of the Management Board, Mynaric
The funds will be used to accelerate serial production of Mynaric’s product portfolio and for continued development of its product portfolio. The company started serial production of optical ground stations in H2 2018 and expects to do the same with its product for airborne applications in H2 2019. Currently, Mynaric is the only supplier globally with a full product portfolio supporting laser communication applications on the ground, in the air and in space. The company floated on the Scale segment of the Frankfurt Stock Exchange in Fall 2017 and has raised a total of EUR 50m growth capital to date.
The commitment of the investor comes just days after renowned SpaceX veteran Bulent Altan joined Mynaric’s management board.
Today’s announcement really underlines the traction we are now getting here at Mynaric as we move into the next key phase of our evolution. It is hugely exciting to have joined Mynaric at this pivotal moment, as we move to become the global market leader in laser communication products for the aerospace market.
Bulent Altan, Member of the Management Board, Mynaric
Mynaric is a manufacturer of laser communication technologies used to establish dynamic communication networks in air and space. Its wireless laser data transmission products include ground stations and flight terminals, which allow very large quantities of data to be sent wirelessly over long distances between aircraft, autonomous drones, high altitude platforms, satellites and the ground at high data rates.
Globally, the need for fast and ubiquitous network connectivity is advancing inexorably. Data networks are today largely based on infrastructure on the ground, which cannot be expanded arbitrarily for legal, economic or logistical reasons. The future therefore calls for an expansion of the existing network infrastructure into air and space. With its wireless laser communication products Mynaric is positioned as a pioneer in this growth market.
For more information see: www.mynaric.com