fox e-mobility AG: Update related to investment by Yangji Investment Partners LLC

fox e-mobility AG: Update related to investment by Yangji Investment Partners LLC

Munich, July 21, 2023. The Management Board of fox e-mobility AG (DE000A2NB551) announces that today Yangji Asset Management/Yangji Investment Co., Ltd (“Yangji”) have confirmed the following update:

• Yangji has instructed its bank to transfer the funds to fox e-mobility AG and the remitting bank is still waiting for a document from the Korean Financial Supervisory Service (FSS). The transfer will be executed as soon as the remitting bank obtains green light from FSS. 
• Yangji has been informed by FSS that it has no additional questions or requests for further documentation and is preparing the paperwork.

It has become public knowledge that since June 2023 the FSS regulatory process in general is taking longer than expected because FSS and local banks have decided to prevent atypical foreign remittances by strengthening internal control and procedural codes to heighten the monitoring of such transactions.

https://www.koreatimes.co.kr/www/biz/2023/07/602_352498.html

The FSS Frankfurt office has confirmed that it is not even unusual for the process to take more than one month. 

Contact:
ir@fox-em.com