EQS-Ad-hoc: fox e-mobility AG / Key word(s): Corporate Action/Legal Matter The Board of Directors of fox e-mobility AG announces: 1. A provisional debt restructuring moratorium has been put in place for the Swiss subsidiary "Fox Automotive Switzerland AG". This will initially provide Fox Automotive Switzerland AG with creditor protection until February 14, 2025, in order to carry out a restructuring. This measure will also secure the subsidiary's assets, which mainly consist of patents, trademark design and construction data from MIA. The moratorium was approved by the relevant Swiss court and will be monitored by a court appointed independent professional. 2. The moratorium had become necessary in order to avoid insolvency caused by the suspension of liquidity support provided by fox e-mobility AG as the parent company. The suspension of liquidity support was caused by the ongoing default of the US/Korean investor. 3. The operational business of Fox Automotive Switzerland AG and thus the vehicle development are not affected by this provisional measure. 4. As a consequence of the moratorium, and based on principle of accounting prudence, a significant impairment loss with regard to the current book value of the subsidiary (EUR 73.5 million) needs to be accounted for at this point. This loss is likely to amount to more than 50% of the current book value of the share capital and will require the convening of an extraordinary general meeting and capital measures. 5. The company will prepare an interim balance sheet as of 31 October 2024. 6. The submission of the audited annual financial report for the financial year 2023 will be postponed and a new date will be announced shortly. End of Inside Information
01-Nov-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | fox e-mobility AG |
Königsallee 61 | |
40215 Düsseldorf | |
Germany | |
Internet: | www.fox-em.com |
ISIN: | DE000A3EX222 |
WKN: | A3EX22 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg |
EQS News ID: | 2021189 |
End of Announcement | EQS News Service |
|
2021189 01-Nov-2024 CET/CEST
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.