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Market Cap: £12.00k

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Ethernity Networks GBP750,000 fundraise, confident of sales visibility

Thu, 11th May 2023 19:35

(Alliance News) - Ethernity Networks Ltd on Thursday announced plans to raise GBP750,000 via a placing of 25 million shares at 3 pence each.

The Israel-based supplier of data processing semiconductor technology for networking appliances said Director and Chief Executive David Levi is supporting the placing and has subscribed for 833,334 shares worth GBP25,000.

A further GBP100,000 could be raised by a placing of a further 3.3 million shares.

Around GBP713,000 of the proceeds will fund capital equipment purchases to improve testing and integration facilities, accelerate product shipment and delivery to customers, strengthen the balance sheet, field deployments and for general working capital purposes.

Ethernity reported an increasing amount of interest in its new products offerings and remains confident of the revenue visibility for 2023.

"Based on contracted orders and estimates of the potential orders that are under discussion with prospective customers, the directors remain of the view that revenues of USD9 million for 2023 are achievable," the firm said in a statement.

Revenue is expected to remain significantly weighted towards the second half of the year, the company said.

Shares in Ethernity Networks closed 52% lower at 3.00 pence in London on Thursday.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com