(Alliance News) - Ethernity Networks Ltd on Thursday said it has received a USD320,000 settlement notice from 5G Innovation Leaders Fund LLC.
Shares in the Israel-based network data processing technology provider were down 12% to 11.85 pence each in London on Thursday around midday.
Back in February, Ethernity entered a share subscription with 5G Innovation, a US-based investor and significant shareholder in Ethernity, to raise USD2 million. At the time, the company said the funding would allow it to accelerate its transition towards the mass production of UEPs and ACE-NIC products.
On Thursday, Ethernity issued 2.7 million new shares at 10.95 pence each, following a USD320,000 settlement notice from 5G Innovation.
The company said that once the new settlement shares are issued, the remaining outstanding balance under the subscription agreement will be USD1.7 million.
Following admission of the new shares, the company's issued share capital will be 78.1 million shares.
By Sophie Rose; sophierose@alliancenews.com
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Ethernity Net (ENET)