4th Mar 2021 21:06
Ethernity Networks Ltd - Israel-based network processing technology supplier - Agrees with 5G Innovation Leaders Fund LLC to accelerate 5G's third and fourth tranche investments from previous subscription agreement. 5G was committed to make the third and fourth tranche investments, of GBP400,000 no later than twelve months and eighteen months, respectively, after the date of 5G Fund's initial investment in October 2020.
But says due to recent progress by company in executing its growth plans, these investments will be made in next week. The proceeds from this third tranche investment will be used by the company for general corporate and working capital purposes.
Ethernity notes 5G will be swapping GBP400,000 in cash for shares currently valued at GBP438,000.
Also notes additional investments of GBP1.5 million may be funded by 5G Fund prior to the second anniversary of the fourth tranche. Ethernity notes the GBP1.5 million swap will be would be for shares currently valued at GBP1.6 million.
Current stock price: 32.80 pence
Year-to-date change: down 9.9%
By Paul McGowan; [email protected]
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