20th Oct 2023 09:32
Ethernity Networks Ltd - Airport City, Israel-based supplier of data processing semiconductor technology for networking appliances - Receives settlement notice for USD90,000 from 5G Innovation Leaders Fund LLC pursuant to share subscription agreement announced in late February. Says 5G Innovation is entitled to issue settlement notices under the agreement despite notifying Ethernity of an event of default and despite Ethernity's ongoing temporary suspension of proceedings. A court in the Israeli city of Lod granted the suspension order on Monday last week, and a settlement manager was appointed to review Ethernity's short-term budget.
Ethernity has issued and allotted 37.1 million new shares of NIS0.001 each to 5G Innovations at 0.2 pence each. The remaining outstanding balance under the subscription agreement is USD1.2 million, approximately GBP1.0 million.
Current stock price: 0.25p, down 35% on Friday morning in London
12-month change: down 98%
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Ethernity Net