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Mynaric (NASDAQ:MYNA) (FRA: M0YN), a leading provider of industrialized, cost-effective and scalable laser communications products, announces that it received a delisting notification dated February 10, 2025 (the "Delisting Notice") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq").
As previously disclosed, on February 7, 2025, Mynaric's management board, with the approval of its supervisory board, resolved on a financial restructuring by proceedings under the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) and notified the competent Munich Local Court – Restructuring Court – of such restructuring project (the "StaRUG Proceeding").
On February 10, 2025, Mynaric received the Delisting Notice from Nasdaq notifying Mynaric that, as a result of the StaRUG Proceeding and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined that Mynaric's American Depositary Shares representing its ordinary shares (the "ADS") will be delisted from Nasdaq. The Delisting Notice also advises Mynaric of its right to appeal Nasdaq's determination pursuant to procedures set forth in the Nasdaq Listing Rule 5800 Series. Mynaric does not intend to pursue an appeal.
Trading of the ADS will be suspended at the opening of business on February 18, 2025. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the ADS from listing and registration on Nasdaq.
Posted In: MYNA
