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Ethernity Networks Ltd on Thursday announced plans to raise £750,000 via a placing of 25 million shares at 3 pence each. The Israel-based supplier of data processing semiconductor technology for networking appliances said Director and Chief Executive David Levi is supporting the placing and has subscribed for 833,334 shares worth £25,000. A further £100,000 could be raised by a placing of a further 3.3 million shares. Around £713,000 of the proceeds will fund capital equipment purchases to improve testing and integration facilities, accelerate product shipment and delivery to customers, strengthen the balance sheet, field deployments and for general working capital purposes. Ethernity reported an increasing amount of interest in its new products offerings and remains confident of the revenue visibility for 2023. ‘Based on contracted orders and estimates of the potential orders that are under discussion with prospective customers, the directors remain of the view that revenues of $9 million for 2023 are achievable,’ the firm said in a statement. Revenue is expected to remain significantly weighted towards the second half of the year, the company said. Shares in Ethernity Networks closed 52% lower at 3.00 pence in London on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved
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