Ethernity Networks Ltd Update on Share Subscription Agreement (3783M)

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RNS Number : 3783M

Ethernity Networks Ltd

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 GBP1.1 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   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

About Ethernity ( 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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