Mynaric commences its trade on NASDAQ

Mynaric commences its trade on NASDAQ

A beginning with IPO

WASHINGTON, D.C. — Mynaric, a German laser communications startup, raised $75.9 million in an initial public offering of shares on the Nasdaq exchange on Nov. 12.

The company, which already trades on the Frankfurt Equity Exchange in Germany, sold four million “American Depository Shares” at $16.50 per share, representing one million ordinary shares of stock. Mynaric aims to raise to $75.9 million with an overallotment option of up to 600,000 more shares.

The stock, which trades on the Nasdaq under the ticker symbol MYNA, closed up $2.75, or 16.7%, on its first day of trading on Nov. 12.

Mynaric’s CEO, Bulent Altan, listed many reasons for selling shares on a U.S. exchange. In a Nov. 12 interview, he added, “It’s quite significant for a stock to be traded in a stock exchange that is more of a home to individuals who follow your business.” “I believe Americans have paid a lot more attention to the space business.”

Being on a U.S. exchange brings it closer to clients, particularly government authorities in the United States. “I trust the U.S. government favors corporations with a greater involvement level of US over ones with a comparatively less commitment,” he stated.

The cash will be used for a variety of initiatives, including sales and marketing, according to Tina Ghataore, Mynaric’s chief commercial officer. Expanding manufacturing capabilities in the United States “to cater to the security aspects of some of our government customer initiatives that we’re doing” is also part of the plan.

“As a hardware vendor, we must understand our consumers’ sensibility,” Altan remarked. This involves retaining the electronics supply chain with the country for US government customers.

Altan said he does not expect Mynaric to become an American firm as it develops its presence in the United States, from the Nasdaq listing to conducting business with federal customers. “We are an international corporation, and we fly the German flag as proudly as we fly the American flag,” he explained. “We are releasing a incredible workforce in Germany for our U.S. customer,” he says, referring to the optics industry.

Attracting New Customers

Mynaric has gained several new clients. Capella announced on November 9 that it had ordered up to 20 CONDOR Mk3 optical communications terminals from Mynaric for its synthetic aperture radar satellites. The Space Development Agency’s future Transport Layer Tranche 1 constellation was able to relay data through those satellites as a result of this.

“I believe 2022 will be a watershed moment for optical communications,” Altan added. “I understand and believe that is when a swing of potential business customers will make a decision.”

He said that interest in the company’s laser communications solutions is expanding outside of low-Earth-orbit satellite systems, with applications ranging from terrestrial to cislunar space.

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