EQS-Ad-hoc: fox e-mobility AG / Key word(s): Financing
fox e-mobility AG: Yangji confirms payment commitment – delay caused by Korean regulatory process
27.06.2023 / 18:33 CET/EST
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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 in the payment of the EUR 2 million tranche originally expected for May 31, 2023 by Yangji Investment Partners LLC .
Yangji Investment Partners LLC (Delaware) is part of the Korean Yangji Investment Group, which provides investment capital through its venture capital and private equity firm Yangji Investment Co. in Seoul, South Korea.
From the information received by the company and from the discussions between the management of fox e-mobility and Yangji, the company has learned that the delay was caused by the Korean regulatory process (financial regulator, money export regulations).
Yangji informed the company’s board of directors today that the first tranche payment of EUR 2 million is expected to take place before the end of the second quarter of 2023 (until June 30).
Under these circumstances
if the 2022 financial report will not be presented until August 2023 due to the availability of the auditor, the company’s liquidity position remains tight, but will be significantly strengthened by Yanji’s investment.
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06/27/2023 CET/CEST The EQS distribution services include statutory reporting requirements, corporate news/financial news and press releases.
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Language: German Company: fox e-mobility AG Herzogspitalstraße 24 80331 Munich Germany Internet: www.fox-em.com ISIN: DE000A2NB551 WKN: A2NB55 Stock exchanges: Open market in Berlin, Düsseldorf, Hamburg EQS News ID: 1667119
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1667119 27.06.2023 CET/CEST