19.12.2024 16:23:06
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EQS-News: fox e-mobility AG: Delay by Yangji causes restructuring plan - Sale of treasury shares - Goal and strategy
EQS-News: fox e-mobility AG
/ Key word(s): AGM/EGM/Restructure of Company
fox e-mobility AG: - Delay by Yangji causes restructuring plan - Sale of treasury shares - Goal and strategy Düsseldorf, 19 December 2024
End of this August, Yangji informed fox e-mobility AG that the payment date for the first investment tranche, originally promised for 30 June 2024 by Yangji in a letter to our auditor on 15 June 2024 , would be rescheduled for no later than 13 September 2024 (https://fox-em.com/de/newsfeed/plain-corporate/2835263/). In reliance on the promise of 15 June 2024, the Board of Management prepared the management report for 2022 on a going concern basis and the auditor issued the audit certificate relying on the business plan. As a consequence of the missing Yangji tranche, the audit process for the 2023 annual financial statements, which had already been prepared on a going concern basis, could not be continued in July. When Yangji then failed to meet the payment deadline of 13 September 2024 and did not respond to or answered inadequately to various inquiries by fox e-mobility, the company notified Yangji Investment Partners LLC on 18 December 2024 a final deadline until 31 December 2024 to fully execute at least the first tranche (2 million Euro) of the credit facility of 10 million Euro agreed in 2023 (see ad hoc: https://fox-em.com/de/newsfeed/adhoc/2905885/). Simultaneously, the management has prepared a restructuring plan that is independent of Yangji and will restore fox e-mobility AG's ability to access the capital market again, which requires a share price of over EUR 1.00. With this plan, which we will present in detail at the Annual General Meeting on 31 January 2025, it will still be possible to make the excellent MIA project a success. For the implementation of the plan, the company needs the support of our committed shareholders (more than 2,900). The plan includes important capital measures for which we are seeking your approval at the upcoming Annual General Meeting. The invitation to the Annual General Meeting with the agenda and proposed resolutions will be available on our website from 23 December 2024 (please click on the following link: https://www.fox-em.com/hauptversammlung/).
Due to Yangji's unexpected default, the entire fox e-mobility group has found itself in a difficult liquidity situation. In order to secure the company's liquidity for the first quarter of 2025, individual shareholders have granted the company short-term loans. In addition, the company is forced to sell its treasury shares, amounting to around 5.3 million, in the market. The timing and size of the sales orders will be adjusted to the market situation and market liquidity.
Following a successful capital increase, we will concentrate on the development of the MIA 2.0 and the construction of the prototype in 2025 so that we can then bring the MIA 2.0 as the best small EV car concept to the market with a large series manufacturer. Therefore, our goal is to continue the development with the support of our shareholders and with our engineering partner until concept freeze by Fox Automotive Switzerland AG. The goal is to build a show car in Q3/Q4 2025 in order to be able to present it at international automobile trade fairs. At the end of the concept phase, and once the prototype is ready, we will be able to decide whether fox e-mobility AG: - sells the concept to another automotive group (OEM) or - develops further and industrializes up to series production by a contract manufacturer (with additional capital requirements of 200 million plus production costs (SOP 2027e).
Contact:
fox e-mobility AG
19.12.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. |
Language: | English |
Company: | fox e-mobility AG |
Königsallee 61 | |
40215 Düsseldorf | |
Germany | |
Internet: | www.fox-em.com |
ISIN: | DE000A3EX222 |
WKN: | A3EX22 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg |
EQS News ID: | 2055125 |
End of News | EQS News Service |
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2055125 19.12.2024 CET/CEST
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