REG - Ethernity Networks - Notice of EGM

Ethernity NetworksAnnouncement

18/03/2025 07:15

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RNS Number : 0219B  Ethernity Networks Ltd  18 March 2025

18 March 2025

ETHERNITY NETWORKS LIMITED

("Ethernity" or the "Company")

 

Notice of EGM

 

Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier
of data processing semiconductor technology for networking appliances,
announces that a notice of an extraordinary general meeting of the Company
(the "EGM") is being posted to shareholders shortly.

 

The EGM will be held at the offices of the Company at 3rd Floor Beit Golan, 1
Golan St. Corner HaNegev, Airport City 7019900, Israel at 11.00 a.m. Israel
time (9.00 a.m. UK time) on 8 April 2025. The purpose of the EGM is to seek
shareholder approval for increasing the authorised share capital of the
Company and the disapplication of pre-emption rights on equity issues for
cash. A copy of the EGM notice will be made available on the Company's
website, www.ethernitynet.com (http://www.ethernitynet.com) .

 

Further to the Company's announcement on 14 March 2025, the Directors are
seeking additional authorities to issue shares, inter alia, to raise further
funding to support the Company to settle its payment obligations pursuant to
the creditor settlement plan and allow the Company to progress its potential
ASIC business. Under the terms of the creditor settlement plan, the Company
has a 'grace' period to settle its payment obligations by the end of April
2025. If the Company is unable to settle its obligations by the end of April,
the settlement manager will approach the court to seek an extension.

 

Shareholders should be aware that the number of shares that could be issued
pursuant to the additional share authorities could result in substantial
dilution to the existing issued share capital. However, the Board believes
that this is in the best interests of the Company to give it the flexibility
to raise funds to support the Company.

 

 

For further information, please contact:

 

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

 Tomer Assis, 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 Networks

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF) provides innovative,
comprehensive networking and security solutions on programmable hardware,
enhancing telco/cloud network infrastructure capacity. Ethernity's
semiconductor logic offers data processing functionality for various
networking applications, alongside patented wireless access technology and
fiber access media controllers, all equipped with control software boasting a
rich set of networking features. Ethernity's solutions swiftly adapt to
customers' evolving needs, accelerating time-to-market and facilitating the
deployment of 5G over wireless and fiber infrastructure.

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