DGAP-Adhoc: Mynaric announces immediate cease of business activity in Chinese market
DGAP-Ad-hoc: Mynaric AG / Key word(s): Legal Matter/Strategic Company Decision
Mynaric announces immediate cease of business activity in Chinese market
30-Jul-2020 / 20:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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 asseses 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 compentation 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.
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1106805 30-Jul-2020 CET/CEST