REG - Ethernity Networks - Clarification re Structured Investment Deed

Ethernity NetworksAnnouncement

15/07/2024 14:45

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RNS Number : 4628W  Ethernity Networks Ltd  15 July 2024

15 July 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Clarification re Structured Investment Deed

 

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, announces a
clarification on the calculation of the warrant exercise price under the
Structured Investment Deed ("Investment Deed") with New Technology Capital
Group, LLC ("New Tech"), details of which were announced on 17 May 2024 (the
"Announcement").

 

Pursuant to the Investment Deed, New Tech was provided with a contingent
warrant (the "Warrant") over new ordinary shares of ILS 0.001 each in the
Company ("Ordinary Shares"). The Warrant was initially exercisable at a price
of 1 penny per Ordinary Share, for a period of 45 days. Following the
conclusion of this initial 45-day period (which has now passed) the Warrant
exercise price (the "Exercise Price") is calculated as the average (in pounds
Sterling, rounded down to three decimal places) of the lowest five daily VWAPs
of an Ordinary Share (rounded down to three decimal places) during the twenty
trading days before the receipt of a Warrant exercise notice by the Company,
less a 15% discount, rounded down to the nearest one tenth of a penny. All
other terms of the Investment Deed remain as set out in the Announcement.
 The Exercise Price of the new Ordinary Shares issued to New Tech pursuant to
the first Warrant exercise notice, details of which were announced on 12 July
2024, was calculated based on this formula.

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 3 748 9846
 David Levi, Chief Executive Officer

 Ayala Deutsch, Chief Financial Officer

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking)

 CMC Markets UK plc (Joint Broker)                              Tel: +44 (0)20 3003 8632
 Douglas Crippen

 Peterhouse Capital Limited (Joint Broker)                      Tel: +44 (0)20 7562 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 

 

 

About Ethernity (www.ethernitynet.com)

 

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking
and security solutions on programmable hardware for accelerating telco/cloud
networks. Ethernity's semiconductor logic offers complete Carrier Ethernet
Switch Router data plane processing and control software with a rich set of
networking features, robust security, and a wide range of virtual function
accelerations to optimize telecommunications networks. Ethernity's complete
solutions quickly adapt to customers' changing needs, improving
time-to-market, and facilitating the deployment of 5G, edge computing, and
Broadband Networks.

 

 

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