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Ethernity Networks Ltd - Israel-based supplier of data processing semiconductor technology for networking appliances - Announces plans to issue 150.0 million new shares to 5G Innovation Leaders Fund LLC, as part of a subscription deal agreed in February 2022. Company has already issued 44.9 million shares, and intends to issue another 43.6 million once it receives notice from 5G Innovation. Company also will seek shareholder approval, at a general meeting scheduled for December 14, to issue a further 61.5 million shares at some point in the future. Ethernity ‘strongly recommends’ that shareholders vote to approve these resolutions, as without approval, it will owe 5G an outstanding debt of $600,000. This would ‘seriously adversely impact the company’s ability’ to exit the temporary suspension of proceedings for which it applied in mid-October, and which was recently extended until December 31. Current stock price: 1.76 pence, down 28% in London on Friday 12-month change: down 83% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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