REG - Ethernity Networks - Update on Share Subscription Agreement

Ethernity NetworksAnnouncement

14/09/2023 07:15

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RNS Number : 3783M  Ethernity Networks Ltd  14 September 2023

 

14 September 2023

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Update on Share Subscription Agreement

 

Ethernity 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.

 

As 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.

 

For further information, please contact:

 

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

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

 

About Ethernity (www.ethernitynet.com (http://www.ethernitynet.com/) )

Ethernity 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.

 

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