Mynaric, a German laser communications startup, raised $75.9 million in an initial public offering (IPO) of shares on the Nasdaq trading on November 12. The firm, which currently trades on the Frankfurt Stock Exchange based in Germany, sold 4 million “American Depository Shares” at $16.50 per share, representing 1 million ordinary shares of the stock. Mynaric intends to boost up to $75.9 million with an overallotment choice of up to 600,000 more shares.
The shares, which trade on the Nasdaq under ticker symbol MYNA, finished up $2.75 (16.7%), on the first day of trading on November 12. Mynaric’s CEO, Bulent Altan, listed many justifications for selling shares on the U.S. exchange. In a November 12 interview, he added, “It’s quite significant for a stock to be traded in the stock exchange which is more of a habitat to individuals who follow your business.” “I believe Americans have paid a lot more attention to the space business.”
Being on a United States exchange brings it closer to clients, particularly government authorities in the United States. “I believe the US government favors corporations with a higher level of US involvement over those with a lower level of commitment,” he stated. The cash will go toward sales and marketing, as well as growing manufacturing capacities in the United States “to really respond to the security parts of some of the government customer activities that we’re doing,” according to Tina Ghataore, Mynaric’s chief commercial officer.
“As a hardware vendor, we must understand our consumers’ sensibility,” Altan remarked. This involves retaining the electronics distribution network with the country for US government customers. Altan said he does not anticipate Mynaric to become a totally American firm as it develops its footprint in the United States (U.S.), from 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 unlocking a great workforce in Germany for the U.S. customer,” he says, referring to the optics industry.
Mynaric has gained several new clients. Capella said on Nov. 9 that it has ordered up to 20 CONDOR Mk3 optical communications terminals from Mynaric for the synthetic aperture radar (SAR) satellites, allowing them to relay data via the Space Development Agency’s forthcoming Transport Layer Tranche 1 constellation. Northrop Grumman named Mynaric a “strategic supplier” for laser communications technology on November 1.
The Capella acquisition, according to Ghataore, demonstrates the growing interest in laser communications technologies. “As we examine some of the Earth observation firms with smaller constellations, we’re giving tools to shift their data so that it may be compatible with a few of the larger communication constellations,” she explained. “We’ve progressed beyond just a market for communication constellations to actually assisting the Earth-observing community.”