Clarification re Structured Investment Deed

Ethernity Networks Ltd
15 July 2024
 

15 July 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Clarification re Structured Investment Deed

 

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces a clarification on the calculation of the warrant exercise price under the Structured Investment Deed ("Investment Deed") with New Technology Capital Group, LLC ("New Tech"), details of which were announced on 17 May 2024 (the "Announcement").

 

Pursuant to the Investment Deed, New Tech was provided with a contingent warrant (the "Warrant") over new ordinary shares of ILS 0.001 each in the Company ("Ordinary Shares"). The Warrant was initially exercisable at a price of 1 penny per Ordinary Share, for a period of 45 days. Following the conclusion of this initial 45-day period (which has now passed) the Warrant exercise price (the "Exercise Price") is calculated as the average (in pounds Sterling, rounded down to three decimal places) of the lowest five daily VWAPs of an Ordinary Share (rounded down to three decimal places) during the twenty trading days before the receipt of a Warrant exercise notice by the Company, less a 15% discount, rounded down to the nearest one tenth of a penny. All other terms of the Investment Deed remain as set out in the Announcement.  The Exercise Price of the new Ordinary Shares issued to New Tech pursuant to the first Warrant exercise notice, details of which were announced on 12 July 2024, was calculated based on this formula.

 

For further information, please contact:

 

Ethernity Networks Ltd

Tel: +972 3 748 9846

David Levi, Chief Executive Officer

Ayala Deutsch, 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 / Stefano Aquilino (Sales and Corporate Broking)




CMC Markets UK plc (Joint Broker)

Tel: +44 (0)20 3003 8632

Douglas Crippen


 

 

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 for accelerating telco/cloud networks. Ethernity's semiconductor 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, edge computing, and Broadband Networks.

 

 

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