Ethernity Net Regulatory News (ENET)

26 September 2024

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

Director Subscription

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces a subscription for new ordinary shares of NIS 0.001 each ("Ordinary Shares") in the Company by David Levi, CEO (the "Director Subscription") and the issue of Warrants to Mr Levi, details of which were set out in the announcement of the Company's recent placing (the "Placing") on 9 September 2024 (the "Placing Announcement").

Following the publication of the interim results for the six months ended 30 June 2024, David Levi has conditionally subscribed for 9,008,333 new Ordinary Shares (the "Subscription Shares") at a price of 0.3p per share, raising a further £27,025 for the Company. The Subscription Shares have been subscribed for on substantially identical terms as those of the Placing.

David Levi has also been granted one Warrant for every Subscription Share subscribed for, exercisable at a price of 0.75p per share. The Warrant is exercisable for a period of 18 months from the date of the Placing Announcement and all other terms are the same as the Warrants issued in connection with the Placing, as detailed in the Placing Announcement.

Admission to trading

The Subscription Shares are being issued pursuant to the Company's existing authorities to issue and allot new Ordinary Shares free of pre-emption rights. The Subscription Shares will rank pari passu with the Company's existing Ordinary Shares. Application is being made for the admission of the 9,008,333 Subscription Shares to trading on AIM ("Admission") and Admission is expected to occur at 8.00 a.m. on or around 2 October 2024.

Total voting rights

Following Admission, the Company's enlarged issued share capital will be 707,233,909 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 707,233,909 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Director Shareholding

Following Admission, David Levi will hold 29,957,398 Ordinary Shares, representing 4.24% of the Company's enlarged share capital.

Unless otherwise defined, definitions contained in this announcement have the same meaning as set out in the Placing Announcement.

For further information, please contact:

About Ethernity (www.ethernitynet.com)

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking and security solutions on programmable hardware for accelerating telco/cloud networks. Ethernity's semiconductor logic offers complete Carrier Ethernet Switch Router data plane processing and control software with a rich set of networking features, robust security, and a wide range of virtual function accelerations to optimize telecommunications networks. Ethernity's complete solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G, edge computing, and Broadband Networks.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them