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RNS Number : 2942N
Ethernity Networks Ltd
29 September 2021
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("MAR"). With the publication of this announcement via a Regulatory
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29 September 2021
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
Result of Over-Subscribed Broker Option
Further to the Company's announcement at 7.00 a.m. on 27
September 2021 (the "Fundraise Announcement"), Ethernity announces
that the Broker Option, a facility to allow existing shareholders
to participate in the Fundraising on similar terms to the Placing
and Subscription announced, has now closed. The Company has
accepted valid orders from existing shareholders only and, in order
to satisfy demand and pursuant to the terms of the Broker Option,
the facility has been increased as detailed below.
The Broker Option has raised GBP402,479.70 at a price of 35p per
share through the issue of 1,149,942 new Ordinary Shares ("Broker
Option Shares"), together with associated Warrants.
This brings the total amount raised under the Fundraising and
Broker Option to approximately GBP4.6m (before expenses).
David Levi, CEO, Ethernity Networks, commented: "We were pleased
to report in our interim results, in August 2021, that the Company
was funded through 2022 to meet its operational requirements and
contracts in hand, which position had not changed leading into this
fundraising. As Ethernity continues to implement its new proven
strategy as a supplier of customised and differentiated system
solutions, the fundraising allows the Company to be financially
positioned for the next stage of its development and growth with
significantly larger customers, and to service expected mass
deployment growth on anticipated new contracts from end 2022
onward."
Admission
The Broker Option Shares will rank pari passu with the Company's
existing Ordinary Shares and application has been made to the
London Stock Exchange for admission of the Broker Option Shares to
trading on AIM ("Admission"). Admission is expected to occur at
8.00 a.m. on or around 4 October 2021.
Additional broker warrants
Peterhouse has been issued with an additional 22,998 warrants to
subscribe for a further new Ordinary Shares at the Issue Price per
share. The warrants have a life term of 24 months from the date of
Admission.
Total voting rights
Following Admission, including the new Ordinary Shares issued
via the Broker Option, and the Fundraising, the Company's enlarged
issued share capital will be 68,489,069 Ordinary Shares. The
Company holds no Ordinary Shares in Treasury. This figure of
68,489,069 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.
Defined terms in the announcement have the same meaning as in
the Fundraising Announcement, unless otherwise specified.
For further information, please contact:
Ethernity Networks Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Arden Partners plc (NOMAD and Joint Broker) Tel: +44 207 614 5900
Richard Johnson / Oscair McGrath
Peterhouse Capital Limited (Joint Broker) Tel: +44 20 7562 0930
Lucy Williams / Duncan Vasey / Eran Zucker
About Ethernity ( www.ethernitynet.com )
Ethernity Networks Ltd. (AIM: ENET) provides innovative,
comprehensive networking and security solutions on programmable
hardware for accelerating telco/cloud networks performance.
Ethernity's FPGA 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 and edge computing.
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