Ethernity Networks Ltd Subscription agreement part settlement and TVR (7366Q)
20 October 2023 - 5:04PM
UK Regulatory
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.
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END
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