Mynaric (ETR: M0YN) shareholders have had a tough ride since August 2024, when Mynaric announced production delays for its CONDOR Mk3 laser terminals. Rocket Lab subsequently offered to buy Mynaric, subject to Mynaric receiving court approval for its restructuring plan. The Munich court approved Mynaric’s restructuring plan, which includes a “reduction of the Company’s share capital to zero.” In other words, shareholders will lose their ownership interest in Mynaric, and their shares are now worthless. Mynaric shares will be delisted and JVF-Holding GmbH will become the new sole owner of Mynaric. Then after, Mynaric will cease as a public company and become private.
Mynaric’s situation is nothing less than a dramatic collapse, primarily caused by their inability to manufacture their main product, CONDOR Mk3 terminals. Mynaric stock once traded as high as €82 a share in August 2021. If you lost money, it likely could have been worse. SDA satellite contractor L3Harris purchased (and apparently held) $11.2 million of stock at $27.37 per share.
However, not everyone walked away from Mynaric burnt. Former CEO Bulent Altan received €3.6 million in total compensation from Mynaric between 2020 and mid 2023 when he resigned. Not a bad deal. Hopefully, he is thankful to investors who contributed to funding his salary before Mynaric’s bankruptcy.