fox e-mobility AG: Breach of contract by Yangji Group

Breach of contract by Yangji Group

The final deadline set by the company on 18 December 2024 for Yangji Investment Partners LLC to service the credit line agreed on 7 March 2023 in the amount of at least EUR 2 million by 31 December 2024 (see Adhoc https://fox-em.com/newsfeed/adhoc/2905883/ ) has expired without receipt of payment. Neither Yangji nor the German representative of Yangji have subsequently communicated a new specific payment date or current proof of funds.

For this reason, the company regards the behaviour of Yangji Investment Partners LLC as a deliberate breach of contract and also a deception involving other Yangji companies and their responsible persons.

The company's liquidity situation, delay in vehicle development and the restructuring proposals for the forthcoming General Meeting are largely directly attributable to the Yangji Group's behaviour.

The company is examining the initiation of appropriate measures to seek compensation for the loss suffered.