Delay of payment of convertible loan
On 30th January 2019 LION E-Mobility informed about the signature of a convertible loan agreement with an amount of EUR 2.5 million with Battery and Mobility Materials Inc. (BAMM), Omaha, USA, a strategic investor. On 22nd February 2019 the necessary conditional capital for the convertible loan was approved by an extraordinary shareholder meeting.
Irrespective of the obligation to grant the loan and several demands the relevant transfer of funds from BAMM to LION E-Mobility has not happened until today. LION E-Mobility cannot exclude that the convertible loan will be further delayed or not be granted at all. LION E-Mobility is considering all legal steps in order to protect the interests of the company and its shareholders.
The management is in on-going communications with BAMM’s senior management to complete the transfer of funds to LION E-Mobility.