on Fox E-mobility AG (isin : DE000A2NB551)
Fox e-mobility AG Provides Investment and Financial Update
On August 30, 2024, fox e-mobility AG shared an update regarding Yangji Group's investment. The first tranche of €1.9 million, initially set for June 30, 2024, is now expected by September 13, 2024.
Yangji cited strict Korean regulatory requirements for the delay. Initially planned as a property collateral, the process has instead shifted to a bank guarantee worth €10 million organized by two South Korean banks as part of a larger real estate project in Hanam-dong, Seoul.
The company's short-term liquidity has been strained by the delay. However, shareholder loans have temporarily stabilized the situation. Loan repayments to Cime Invest AG and Atlas Special Opportunities LLC have been postponed to mid and late September 2024.
Furthermore, fox e-mobility AG's 2023 financial statements audit is delayed and now expected by October 30, 2024. The 2024 half-year financial statements are scheduled for November 30, 2024, with the Annual General Meeting anticipated in December.
R. H.
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