Fox e-mobility AG Faces Restructuring Due to Investment Delays

fox e-mobility AG announced a restructuring plan following delays by Yangji in fulfilling their investment commitment. Initially promised for June 2024, the tranche payment has been rescheduled multiple times and still remains incomplete. As a result, the company's audit process for the 2023 financial statements was stalled. A final deadline has been set for Yangji to fulfill the 2 million Euro payment by end of December 2024.

In response to the liquidity challenges posed by the delayed investment, fox e-mobility AG has secured short-term loans and will sell approximately 5.3 million treasury shares. This measure aims to maintain liquidity through the first quarter of 2025.

Moving forward, the company focuses on developing the MIA 2.0, targeting its presentation by late 2025. It may either sell the concept or continue to full production, with expected additional capital needs.