LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Mynaric AG (“Mynaric” or the “Company”) (NASDAQ: MYNA) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 20, 2024, Mynaric disclosed that it “now expect[ed] full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million”, citing “production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components.” The Company also disclosed that it “now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million,” citing “the lower than expected revenue and higher than expected production costs due to lower yields.” Additionally, the Company also disclosed the voluntary departure of its Chief Financial Officer “for personal reasons.”
On this news, Mynaric’s stock price fell $2.32, or 55.9%, to close at $1.83 per share on August 20, 2024, thereby injuring investors.
Then, on August 26, 2024, Mynaric announced that its Supervisory Board “agreed to terminate in mutual consent the appointment of [the Company’s Chief Executive Officer] as chairman and member of the Management Board.”
On this news, Mynaric’s stock price fell $0.11, or 9.7%, to close at $1.02 per share on August 27, 2024.
Then, on October 8, 2024, Mynaric disclosed that it had received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. notifying the Company that it was “no longer in compliance with the Nasdaq continued listing criteria . . . due to its failure to maintain a minimum of $50 million in market value of listed securities,” and that “Mynaric does not meet the alternatives of total assets and total revenue for continued listing.”
On this news, Mynaric’s stock price fell $0.07, or 4.4%, to close at $1.53 per share on October 8, 2024, thereby injuring investors further.
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If you purchased Mynaric securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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