13th Jul 2020 10:42
(Alliance News) - Ethernity Networks Ltd on Monday said it plans to raise GBP780,000 through the sale of 6.5 million shares at 12 pence each.
The issue price represents a 37% discount to the Friday closing price of 19.00 pence . Shares in the were trading 30% lower at 13.25p each on Monday in London, giving it a market capitalisation of GBP4.3 million.
Newly-appointed joint broker Peterhouse Capital Ltd is acting as placing agent.
Ethernity said its directors and staff have subscribed for GBP240,000 worth of shares, with Chief Executive David Levi subscribing for 1.3 million shares, taking his stake to 21% and Vice President Research & Development Shavit Baruch subscribing for 333,333, taking his stake to 12%.
The company said the new cash will be used to strengthen its balance sheet, allow it to support the growing number of engagements for its 5G offering and for general working capital purposes.
Following admission, Ethernity will have 39.2 million shares in issue.
By Ife Taiwo; [email protected].
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