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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ethernity Networks Ltd | LSE:ENET | London | Ordinary Share | IL0011410359 | ORD NIS0.001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.80 | 0.75 | 0.85 | 0.80 | 0.80 | 0.80 | 2,321,805 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Communications Equip, Nec | 2.94M | -8M | -0.0212 | -0.38 | 3.02M |
TIDMENET
RNS Number : 7366Q
Ethernity Networks Ltd
20 October 2023
20 October 2023
ETHERNITY NETWORKS LTD
("Ethernity" or the "Company")
Subscription agreement part settlement and TVR
Ethernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of networking processing semiconductor technology ported on field programmable gate arrays ("FPGAs") for virtualised networking appliances, announces that it has received a settlement notice for $90,000 from 5G Innovation Leaders Fund LLC (the "Subscriber") pursuant to the share subscription agreement, details of which were announced on 25 February 2022 (the "Subscription Agreement"). The Subscriber is entitled to issue settlement notices under the Subscription Agreement despite notifying the Company of an event of default under the agreement and the ongoing Temporary Suspension of Proceedings, details of which were announced on 16 October 2023.
Accordingly, the Company has issued and allotted 37,125,650 new ordinary shares of NIS 0.001 each in the Company ("Ordinary Shares") to the Subscriber at a deemed issue price of 0.2p per Ordinary Share (the "Settlement Shares"). The issue price has been calculated pursuant to the price mechanism and additional price protection mechanism set out in the announcement of the Subscription Agreement on 25 February 2022.
Application will be made to the London Stock Exchange for the Settlement Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on or around 25 October 2023. The Settlement Shares will, upon Admission, rank pari passu with the existing Ordinary Shares in the Company.
Following the receipt of this settlement notice and the issue of the Settlement Shares, the remaining outstanding balance under the Subscription Agreement is $1,246,000 (approximately GBP1.0 million).
Total voting rights
Following Admission, the Company's enlarged issued share capital will be 186,346,741 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 186,346,741 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information, please contact:
Ethernity Networks Ltd Tel: +972 8 915 0392 David Levi, Chief Executive Officer Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328 and Joint Broker) 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
MARKET ABUSE REGULATION
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse (amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
MSCFLFLAIELALIV
(END) Dow Jones Newswires
October 20, 2023 02:04 ET (06:04 GMT)
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