BRIEF

on Fox E-mobility AG (isin : DE000A2NB551)

Fox E-Mobility AG Extends and Modifies Financing Agreement with Atlas

Fox E-Mobility AG has announced an extension and alteration to its financing framework with Atlas Special Opportunities LLC. Initially established on April 20, 2021, as an interest-free arrangement, the agreement now transitions into a 10% per annum interest-bearing contract. This extension is set to last until July 20, 2025, with EUR 22 million still available for convertible debt financing under the new terms.

Additionally, the terms for the 15 already issued convertible bonds, representing a total nominal value of EUR 1.5 million, have been extended to the same date. Interest will now be charged at a rate of 10% per annum retroactively from April 20, 2023. Fox E-Mobility has also consented to redeem 5 convertible bonds from Atlas for EUR 500,000, contingent on the completion of the Yangji investment but no later than July 31, 2024. The payment may be made either in cash or through shares of Fox Automotive Switzerland AG.

To secure the obligations under this agreement, Fox E-Mobility will allocate 7,500 shares of Fox Automotive Switzerland AG, which equates to 7.1% of the company, to Atlas as collateral against any potential conversion shortfalls.

R. P.

Copyright © 2024 FinanzWire, all reproduction and representation rights reserved. Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.

Click here to consult the press release on which this article is based

See all Fox E-mobility AG news