fox e-mobility AG: Yangji confirms payment commitment – delay caused by Korean regulatory process

fox e-mobility AG: Yangji confirms payment commitment – delay caused by Korean regulatory process

Munich, June 27, 2023. The Management Board of fox e-mobility AG (DE000A2NB551) announces that it has investigated the delay for the payment of the tranche of EUR 2m (initially expected for 31st May 2023) by Yangji Investment Partners LLC.

Yangji Investment Partners LLC (Delaware) is part of the Yangji Investment Group in Korea, which provides the investment funds through its venture capital and private equity firm Yangji Investment Co., Ltd., Seoul, South Korea.

On the basis of the information received by the company and through mutual discussion between the management of fox e-mobility and Yangji, the company has learned that the delay had been caused by the Korean regulatory process (Financial Supervisory Service, money export regulation).

Yangji has today informed the board of the company that it expects the payment of the first tranche of EUR 2m to be completed before the end of the second quarter 2023 (ending 30th June).

In these circumstances

• the financial report 2022 will be presented in August 2023, based on the availability of the company’s auditor;
• the company’s cash position remains strained and will be significantly strengthened by Yangji‘s investment.

Contact:

ir@fox-em.com