fox e-mobility AG publishes annual figures for 2021 and pushes ahead with restructuring
- Publication of the audited annual figures 2021
- Net loss for 2021 in the amount of 3.8 million euros
- Scheduling of the Annual General Meeting for 31 January 2023
- Focus on restructuring and financing the further development of MIA 2.0
Munich, 16 December 2022. fox e-mobility AG (ISIN DE000A2NB551), a European electric vehicle company specializing in the production, marketing and development of compact electric cars in the lower price segment, publishes its audited annual figures for the 2021 financial year. The Supervisory Board today approved the annual financial statements and set the date for the Annual General Meeting for 31 January 2023. The publication will take place today on the company website and subsequently in the Federal Gazette. The net loss for 2021 amounts to 3.8 million euros. The equity capital remains at around 69 million euros.
Philippe Perret, CEO of fox e-mobility AG, emphasizes: "With the MIA 2.0, we are developing an innovative electric car for individual passenger transport and for logistics applications. The demand for corresponding solutions is unbrokenly high. Financing this project is a huge challenge, which we are tackling with determination. The development of the restructuring plan and the scheduling of the Annual General Meeting are important steps on this path."
Focus on financing the development of MIA 2.0
The auditor's unqualified opinion points out the material uncertainty regarding the "going concern". The maintenance of solvency and thus the going concern assumption depends on financial support and capitalization from external capital providers. In addition, the value of the investment in Fox Automotive Switzerland AG as well as the recoverability of the loans issued to Fox Automotive Switzerland AG depends on the realization of the business plan prepared for MIA 2.0. For the implementation of the restructuring plan, the short-term capital requirement is 0.2 million euros.
In order to achieve the construction of a concept car in 2023 and subsequently a prototype for large serial production, the management is in ongoing discussions with investors and engineering firms. In addition, expenses were reduced through cost-cutting and savings measures compared to the original planning. For the 2023 financial year, the focus is on securing long-term financing for the project and subsequently on the operational implementation of the MIA 2.0 vehicle concept.
Presentation of the restructuring plan at the Annual General Meeting
Management is developing a restructuring plan which will be outlined to shareholders at the Annual General Meeting scheduled for 31 January 2023. The restructuring proposal will be published thereafter in order to obtain approval from the shareholders at a subsequent Extraordinary General Meeting. The planned restructuring measures include, inter alia, the conversion of the legal form of the Company into an Irish public limited company (PLC), which will remain listed on the Düsseldorf Stock Exchange with a future secondary listing on Euronext.
Accordingly, an Irish subsidiary is to be established in January 2023 to prepare for a cross-border transfer of the company's seat to Ireland together with a listing on Euronext. The new corporate structure is to be implemented by April 2023. In this context, the company's largest creditor (Atlas Special Opportunities LLC) has confirmed that the framework agreement for financing via convertible bonds will remain valid (residual amount: 22 million euros) even with a new corporate structure.
The 2021 annual financial statements will be published on the company's website in the course of the day at the following link: https://fox-em.com/financial-reports/. The semi-annual report 2022 and group accounts 2021 will be published soon.
About fox e-mobility:
fox e-mobility AG is a European electric vehicle company specializing in the production, marketing and further development of compact electric cars in the lower price segment for individual passenger transport and, in particular, commercial applications for logistics and delivery services. The new MIA model range is to be manufactured by the largest European contract manufacturers in cooperation with renowned suppliers to the electrical and automotive industries. The management team consists of experienced managers and engineers from the world's largest automotive groups who have in-depth expertise and an extensive network for electric mobility.
For more information, please visit http://www.fox-em.com.
Contact Investor Relations:
ir@fox-em.com
Press contact:
Dr. Walter Glogauer
Glogauer & Company Communications
Phone +49 171-614 54 94
E-mail w.glogauer@glogauer.de
Jan Hutterer
Kirchhoff Consult AG
Phone +49 40 60 91 86 65
Email fox@kirchhoff.de
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