Subscription agreement part settlement and TVR

Ethernity Networks Ltd
22 May 2023
 

22 May 2023

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Subscription agreement part settlement and TVR

 

Ethernity Networks Ltd (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces that it has received a settlement notice for $230,000 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").

Accordingly, the Company has issued and allotted 6,629,236 new ordinary shares of NIS 0.001 each in the Company ("Ordinary Shares") to the Subscriber at a deemed issue price of 2.8p 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 26 May 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 $1,510,000.

 

Total voting rights

 

Following Admission, the Company's enlarged issued share capital will be 136,790,541 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 136,790,541 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


Mark Reichenberg, 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 (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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings