Mia Dynamics Bondholder Asks Trustee to Review Grounds for Early Repayment

Mia Dynamics bondholder Gad Libman asked the company's bond trustee on November 3 to examine whether a material deterioration in its financial position provides grounds for early repayment. Acting through attorney Lior Lahav, he requested updated financial information, a bondholder meeting and consideration of an urgent representative body. The request seeks a review; it does not establish that repayment has been accelerated. The demand concerns Series 1 convertible bonds issued in July 2025 with a face value of NIS 40 million. The bonds carry annual interest of 5%, with principal due in a single payment at the end of December 2029. They have no asset collateral, leaving holders unsecured. Mia Dynamics recorded first-half 2026 revenue of NIS 358,000 and a net loss of approximately NIS 10.3 million. Libman challenged the difference between monthly cash use of about NIS 2 million and a board forecast of approximately NIS 1.1 million. The board's earlier assessment said it did not consider the company to have a liquidity problem, based on two-year cash projections that included an approximately US$2.3 million distributor receivable. Libman requested collection figures for that receivable, binding orders, inventory valuations and scenarios without additional fundraising or collection. He asked the trustee to acknowledge receipt within one business day and provide an initial position within five business days, or written reasons for declining action.