In a strategic move, Ethernity Networks today announced the terms of its settlement with the 5G Innovation Leaders Fund, marking the end of a share-subscription agreement that was initiated in February 2022. The agreement includes significant terms such as the termination of the previous arrangement, the clearing of Eternity's liabilities, and the planned issuance of up to 150 million new ordinary shares to the 5G fund.
The settlement has already seen the initial tranche of 44.9 million shares released to the 5G Innovation Leaders Fund. Following this, Ethernity will issue an additional 43.6 million shares after a company notice period. The final stage of the agreement is contingent on shareholder approval, which would result in a third tranche of 61.5 million shares being issued to the fund.
Should shareholders not approve this issuance, Ethernity Networks is prepared to manage an outstanding debt of $600,000 as part of its debt contingency plan. This settlement represents a critical step for Ethernity as it navigates its financial arrangements and continues its operations within the dynamic tech industry.
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