Detailed Update

fox e-mobility AG: Detailed Update

Düsseldorf, August 30^th, 2024.

Update on Yangji’s investment

Yangji Group (“Yangji”) has informed the management of fox e-mobility AG that the transfer execution date of the first investment tranche of €1.9m, originally promised by Yangji for June 30, 2024, will now take place on September 13, 2024, at the latest.

Yangji has provided a detailed explanation for the delay, citing strict regulatory requirements from Korean financial authorities for Korean financial investors, particularly the Financial Supervisory Services (FSS). These regulations were introduced following significant losses experienced by Korean fund investors in recent years, especially in overseas investments.

Initially, Yangji Asset Management in Seoul (part of Yangji Group) had proposed to pledge a property in Gangnam as collateral for the fox e-mobility AG investment to comply with FSS requirements. However, the approval process for this real estate collateral has taken longer than anticipated.

In response to these challenges, Yangji Asset Management has successfully signed a bank guarantee as a default guarantee for its €10m investment into fox e-mobility AG investment. The bank guarantee has been organized by two consortium banks in South Korea. This arrangement is part of a larger real estate project in Hanam-dong, Seoul, valued at KRW 135 billion (approximately €91m).

Yangji has assured fox e-mobility AG that coordination between FSS, Yangji Asset Management and the consortium banks is in its final stages. While the process of forwarding relevant documents may take a few more days, Yangji confirms that the payment of the first tranche will be executed by September 13, 2024, at the latest.

The next tranches (€8m in total) are expected to be paid before end of 2024, according to the contract.

Update on financial situation

Due to the delay in the payment of the first tranche by Yangji, the company's short-term liquidity position remains very tense. However, the management was able to secure short-term loans from shareholders and thus ensure short term liquidity. These loans will be repaid once the first tranche has been received by fox e-mobility AG.

The repayments of loans to Cime Invest AG and Atlas Special Opportunities LLC, which were due at the end of July, have also been postponed by mutual agreement to mid and end of September 2024.

Update on 2023 annual financial statements, 2024 half-year financial statements, Annual General Meeting

The 2022 annual financial statements and management report were published on June 24, 2024, and therefore the work and audit of the 2023 annual financial statements could only begin end of June 2024.

Due to the unexpected delay of Yangji's payment, the cash flow planning and the management report already available to the auditor also had to be adjusted. In coordination with the auditor's availability, the audit of the 2023 annual financial statements is now planned to be completed in September/October. The Düsseldorf Stock Exchange has approved the extension of the deadline for the publication of the 2023 annual financial statements to October 30, 2024 and for the publication of the 2024 half-year financial statements to November 30, 2024. This also means that the Annual General Meeting will probably take place in December 2024. The precise date for the AGM will be communicated together with the publication of the 2023 financial statement.

fox e-mobility will issue a new press release to explain the next steps of the car development and corporate strategy following the payment of the first tranche by Yangji.

Contact : ir@fox-em.com

fox e-mobility AG

Königsallee 61

D-40215 Düsseldorf