Business
Update on Share Subscription Agreement
Update on Share Subscription Agreement.
About this update from Ethernity Networks Ltd.
[{"type":"text","content":"\n\n \n14 September 2023\nETHERNITY NETWORKS LTD\n(\"Ethernity\" or the \"Company\")\n \nUpdate on Share Subscription Agreement\n \nEthernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of networking processing semiconductor technology ported on FPGA (field programmable gate array) for virtualised networking appliances, provides the following update.\n \nAs announced on 25 February 2022, on that date, Ethernity entered into a Share Subscription Agreement (\"Subscription Agreement\") with 5G Innovation Leaders Fund (\"Investor\"), whereby the Investor invested $2 million, by way of a prepayment for new ordinary shares in Ethernity, to be issued at a later date at the Investor's request. The balance currently outstanding under the Subscription Agreement is $1,410,000 (approximately £1.1 million). The date by which the Investor may request for Ethernity shares to be issued has been extended to 3 March 2024 in accordance with the terms of the Subscription Agreement. All other terms remain unchanged and as announced on 25 February 2022.\n \nFor further information, please contact:\n \n\n\n\nEthernity Networks Ltd\n\n\nTel: +972 3 748 9846\n\n\n\n\nDavid Levi, Chief Executive Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAllenby Capital Limited (Nominated Adviser and Joint Broker)\n\n\nTel: +44 (0)20 3328 5656\n\n\n\n\nJames Reeve / Piers Shimwell (Corporate Finance)\nAmrit Nahal / Stefano Aquilino (Sales and Corporate Broking)\n \n\n\n\n\n\n\n\nPeterhouse Capital Limited (Joint Broker)\n\n\nTel: +44 (0)20 7562 0930\n\n\n\n\nLucy Williams / Duncan Vasey / Eran Zucker\n \n\n\n\n\n\n\n \nAbout Ethernity (www.ethernitynet.com)\nEthernity Networks (AIM: ENET.L) provides innovative, comprehensive networking and security solutions on programmable hardware that increase telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers data processing functionality for different networking applications, innovative patented wireless access technology, and fibre access media controllers, all equipped with control software with a rich set of networking features. Ethernity's solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G over wireless and fibre infrastructure.\n \n\n","length":5289,"tagName":"div"}]