LONDON - Ethernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a supplier of data processing technology, has announced the issuance of 222,500,000 new ordinary shares following a warrant exercise notice from New Technology Capital Group, LLC. The shares, priced at 0.08p each, are part of an agreement detailed on May 17, 2024, and further discussed on October 30, 2024.
The company expects the new ordinary shares to be admitted to trading on the London Stock Exchange (LON:LSEG)'s AIM market around January 2, 2025. These shares will rank equally with the existing ordinary shares.
With this exercise, the remaining balance for New Tech to exercise its warrant under the structured investment deed is £32,000. However, considering the 40,000,000 subscription shares previously issued and the current exercise price, the outstanding balance is effectively zero, provided the exercise price does not dip below 0.08p before the warrant period ends on January 17, 2025.
Post-admission, Ethernity's issued share capital will increase to 1,222,500,000 ordinary shares, with no shares held in treasury. This number will serve as the denominator for shareholders to determine their notification requirements under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The issuance of new shares is a common practice following warrant exercises and indicates an investor's commitment to the company by converting warrants into equity. This transaction is based on a press release statement from Ethernity Networks Ltd.
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