Gilching, July 30, 2020 – Mynaric AG has today decided to fully cease its business operations in China.

Mynaric has not delivered any terminals or components to Chinese customers to date. Nevertheless, being aware of the strategic importance of laser communication products Mynaric had proactively requested, in advance, that the German government assesses the clearance of a planned export of laser communication products to a Chinese customer. Meanwhile, the company has been informed by the German government that the planned export to the Chinese customer would indeed be officially banned due to sect. 6 para. 1 in combination with sect. 4 para. 1 foreign trade law (“Außenwirtschaftsgesetz”). Following this notification, Mynaric will reverse the only existing contract with a Chinese customer and affect a complete break in activity in China immediately. The company will assess potential claims for compensation due to the export ban by the German government.

The company was already working on a buy-out to divest from the Chinese business prior to the clear ban of the German government. Related negotiations were stopped due to the decision by the German government.

About Mynaric

Mynaric is a manufacturer of laser communication technologies used to enable communication and surveillance applications in air and space. Its laser data transmission products include ground and flight terminals, which allow very large quantities of data to be sent wirelessly and securely over long distances between aircraft, autonomous drones, high-altitude platforms, satellites and the ground.

Globally, the need for fast and secure connectivity is advancing inexorably. Data networks are today largely based on infrastructure on the ground, which cannot be expanded arbitrarily for legal, economic or practical reasons. The future therefore calls for an expansion of the existing network infrastructure into air and space. With its wireless laser communication products Mynaric is positioned as a prime pioneer in this growth market.

For more information see: www.mynaric.com