on Mynaric AG (isin : DE000A0JCY11)
Mynaric Secures USD 5.5 Million Bridge Loan and Milestone Payment
MUNICH, October 2, 2024 – Mynaric AG announced it has secured a USD 5.5 million bridge loan and received a USD 5.5 million milestone payment. These funds are intended to meet the company's immediate working capital requirements.
The company amended an existing USD 95 million loan agreement with its U.S.-based lenders. The new bridge loan bears an interest rate based on the Term Secured Overnight Financing Rate (SOFR) for a 3-month tenor plus a 10% margin or an alternative base rate plus a 9% margin. The loan will mature on November 24, 2024, and is contingent on delivering a liquidity plan and an independent restructuring expert's opinion.
The USD 5.5 million milestone payment from a U.S.-based customer will be used to support production and delivery. As of October 1, 2024, the company has cash and equivalents totaling EUR 7.8 million.
R. E.
Copyright © 2024 FinanzWire, all reproduction and representation rights reserved.
Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.
Click here to consult the press release on which this article is based
See all Mynaric AG news