Did you know The fundraising reasoning has changed.5 Dec 2023 21:49
On the 10th they state they may need funding to to enable them to exit the TSP.
Today however they state they have the money to exit the TSP and fundraising will go towards developing sale contracts in 2024.
Id say thats a massive plus that has not really been discusses.
Here it is from the RNS'
10th november rns
As previously announced, in order to exit the TSP, it is expected that the Company will be required to raise additional funds. Whilst the structure of this is not yet known, the Board believes it is prudent to put in place sufficient authorities to permit an equity fundraising, should that be the required route. The resolutions at the General Meeting are therefore seeking sufficient headroom over and above those required to issue the Conditional Subscription Shares. Should any fundraise takes place, the Company will prioritise structures that would enable existing shareholders to participate on the same terms as any incoming investors.
Todays rns
The Company's current cash balance is c. US$954k. This includes the proceeds of the NIS 1,000,000 short term loan from David Levi, CEO of Ethernity, details of which were announced on 26 October 2023. Under the ongoing temporary suspension of proceedings ("TSP") process, details of which were announced on 12 October 2023 (the "TSP Announcement"), the Company will be required to agree a settlement with its creditors from the commencement of the TSP. The Board anticipates that the current cash balances, together with the anticipated cash receipts due ahead of the year end (details of which were announced on 29 November 2023), will enable the Company to exit the TSP process. Notwithstanding this, the Company is considering options to raise additional funding to strengthen its balance sheet, which the Directors believe would improve the Company's ability to secure significant contracts with potential new customers
Sign In
Follow the stocks
