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Ethernity Networks Ltd on Thursday said it has received a $320,000 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 $2 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 $320,000 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 $1.7 million.
Following admission of the new shares, the company's issued share capital will be 78.1 million shares.
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