Fox E-Mobility AG Announces Further Refinancing of EUR 3.5 Million

Fox E-mobility AG disclosed an additional refinancing agreement of EUR 3.5 million with 20 creditors today. This refinancing comes on the heels of the Atlas refinancing announced on April 22, 2024. The funds from this deal are to be repaid in tranches that correlate directly with the funds received from the Yangji investment.

For added flexibility and potential financial leverage, the creditors have the option to select hybrid financing models. This includes short-term convertible bonds, accompanied by 13 immediate exercisable option rights for each convertible share. In securing the terms of this refinancing, Fox Automotive Switzerland AG has pledged a total of 26,240 shares, representing 24.9% of the company’s shares, as collateral.

The financial statement of the company reveals additional liabilities and provisions for deliveries and services totaling about €100,000 which are not covered under this refinancing deal. Moreover, the publication of Fox E-mobility’s audited annual financial reports for 2022 and 2023 has been rescheduled to May/June 2024.

Fox E-mobility plans to release a detailed press release regarding this refinancing on May 2, 2024.