further refinancing in the amount of 3.5 million euros and conversion to registered shares in May 2024

Further refinancing in the amount of 3.5 million euros and conversion to registered shares in May 2024

The company continued the necessary refinancing of liabilities that had already begun with Atlas Special Opportunities for an additional amount of 3.5 million euros.

An essential element of the refinancing is, on the one hand, the protection of creditors via shares in Fox Automotive Switzerland AG as well as the instalment payment linked to the tranches of the Yangi Investment and the option to convert the liabilities into shares via convertible bonds, with 13 warrants being granted as an incentive.

As a result of this refinancing and the payment of €100k by the executives of Yangji Investment Partners LLC, the company's financial situation has further improved.

The company also announces that the conversion from bearer shares to registered shares of the company, led by Quirin Bank and then carried out by Clearstream, should take place in May 2024.