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Often the case that the order book is the NMS. Whilst the MMs should have the stated size it's experienced that they like to create illusions either singularly or with others. Every once in a while they get caught naked.
Yesterday I knew a volume seller, now I know that he will hold 100k for old times sake selling over 300k. Today I know of a volume buyer looking to build towards 500k under 50p they hope. Not my clients as they act for themselves.

The 2000 is the order book is not. The size on the order book is a declared position and subject to change.

That's merely guidance. 2000 is the market size. Even that is no online and not immediate. It's the wild west.

5000 shares quoted at 42.70 so not much around. Over the last week more buys than sells for sure.

In December they needed the warrants triggered and now they don't.
Bid the next few years they go from nothing to something. More growth than something to something more I guess.
Income is now onwards. The UEP deal some this year most next plus guidance of $1m more next year. I think Ethernity are very modest with guidance unless they want something.

The thing is my posts aren't news just the findings of my research and a chunk of detective work. There are many human intelligence contacts available all very keen to tell me how clever they are. Some are on an ego trip and some looking for opportunity not knowing who they are talking to. However with sources and importantly corroborative sources a picture is forming.
Interesting the joint piece with Tarana as Steven suggested it was all his work and he kindly copied Brian on the credits as he sent the lead. I have sat through many boring courses about type identity and style and as I read the piece I put most of the style down to Brian given what we have seen so far.
Steven naturally wanted to talk about Tarana not Ethernity and played down Ethernity role. A prime example of ego driven which I largely filter out. However I learnt much more from him than I did from Ethernity.

Actually there's plenty of news already for a sustainable share price multiples of what we have today.
Interesting that the microwave vendor that I believe is engaged on the last contract is the microwave vendor for the Dish 5g network. It's a small world at the top where only the best gets selected. This microwave will likely be used for the DU. Then the DU solution from Ethernity through Dell could very well be used for the Dish DU function.

However we need the management to explain all this as it's invisible to the market.

One week since we heard of immediate production orders for a new product with revenue equal to 6 months of last year with an expectation of doubling in 2022 and increasing sales beyond.
The share price is now back below those levels.
This is a good solid order that underwrites the investment in R&D with much promise of further UEP orders as vendors and Integrators wait for completion of the product. The company expect a significant volume of orders from the aceNIC UEP and it's prime for adaption to multiple roles.

It's really a dream product as much radio capacity is installed and this really changes how they work to be much more effective.
Immediate markets mean immediate contracts and immediate deployment.
The share price however cannot see that yet.

A load of events coming up over the next few months. David will be spending time in the US. Denver and LA.
This should be a good opportunity to talk about how clever they are.

Every one I have seen goes like that. Then what's stopping them selling straight back. I see it as non issue at the moment. We do need 5g gone but who knows they may keep 4.99%

Unfortunately as soon as you start openly talking about it the MMs know and start walking you down. Then we can expect a 20% discount from a -20% position. That's the reality and the point of looking amongst the current shareholders.
However it raises the ugly question of being inside.
I will contact Mark and ask to be included if such an event takes place.
If the funding is against a contract as I suspect it will be then many avenues are open.

However I expect a $2m chunk from each DU contract.

Skid however the CFO is there to guide the CEO on the financial aspects. Clearly there was a huge failure.
I suspect that they had an expectation of something else that didn't pan out and then the timing was shocking.

A small cash raise like 1.5m would attract a substantial discount and disproportionate fees it would depress the share price immediately. In this scenario Ethernity got the cash in advance which was important at the time.
Ethernity made a real mess of it and I am surprised the CFO survived it.
In future I suspect that they will be knocking on shareholders doors. They have my details and I would support a fund raiser for the right reasons.
Soft toilet tissue in the executive toilets won't be good enough.

Skid misjudged by two years. They budgeted for income 2019 and spent on R&D accordingly. A big mistake.

Uhif I am obviously missing the point. 5g IF don't care what the strike price is . All that's important is that the share price heads up after. They can't take shares until they sell down or they go over the reporting threshold. Of course it won't say Tarana on the notification anyway just 5g IF but they don't want the attention I am sure.
Certainly the Ethernity management will have a lot of distance between themselves and 5g IF. I think that you are thinking way too much about this. It's a temporary that will change very quickly.

https://www.lightreading.com/open-ran/axis-of-o-ran-japans-rakuten-to-build-1and1s-german-5g-network/d/d-id/771297

Iain misses the point here. The function is that is Integrator. The outputs are Open so a potential market for Ethernity. Private networks will form within this network. Great opportunity in Germany.

I disagree about the chances looking slim. 5g IF can pass very quickly on strong news which attracts volume.
We have seen days of massive buy to sell volumes and it won't take many of those to clear. The terms of the deal are quite standard and they are maintaining an orderly market. 5g has no interest in trashing the share price and will pay the going rate minus a discount as we know. I don't think that this was about making huge profits. It was about funding Ethernity so they could make that very nice FPGA switch for Tarana.
The management needs to talk and explain but it's all about timing.
We are going to doesn't cut it, we are doing is what we need. Unfortunately they prefer we have done.
We have Interims in September and I am expecting a piece of plus news this month and a second piece with the interims or immediately after
Certainly things look very positive currently. The market is moving and clients are now at commitment stage.
The next 12 months will transform this investment.

I am encouraged to find out that the first adapted aceNIC for the DU is in its final form for a North American vendor and will now be involved in a test environment. This is working towards starting deployment Q1 22. I believe that this will be in two forms and will test Ethernity virtual router against an external router and another virtual router.
I assume that this is an ongoing process.
This is interesting because the Ethernity side will be the design of the fpga device, the license and royalty and the code on the device. These are all high margin. The manufacturing will be by a volume fpga vendor, this is the investment lower margin side.
This information is not from the horse's mouth but from someone close.

A takeover without the major shareholders would be tough. The corporate actions that we see are compliant and about money and commercial leverage.
If Ethernity were taken over it wouldn't be by an end user it would be by an FPGA vendor or a substantial integrator like Tieto.
It definitely wouldn't be below £100m.

I do wonder what the share price would have been without 5g IF selling. They certainly have altered the balance and contained several breakouts. It's difficult to make headway into the wind and at the moment they use a strong engine just to maintain.
Low volume and a huge overhang has killed the short term prospect. Only strong news can set them free.
However news is all about starting volumes, first orders and we know they are modest. A couple of million won't cut it.

https://www.fiercewireless.com/operators/rakuten-to-acquire-open-ran-vendor-altiostar

Corporate action. Ethernity must be very vulnerable at the moment. Management need to get the share price up if they want to defend their hard work.