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RNS Number : 3280X
Ethernity Networks Ltd
04 May 2021
04 May 2021
ETHERNITY NETWORKS LTD
("Ethernity" or the "Company")
Company Update - $5.4m Inflows since December 2020
and
Directors' Dealings
Total Funding Inflows of over $5.4m since December 2020
Ethernity (AIM: ENET ), a leading supplier of data processing
offload solutions on programmable FPGA (field programmable gate
array) hardware for accelerating telco/cloud networks , announces
total funding inflows of over $5.4m since the beginning of December
2020 to date. The outlook for 2021 FY remains unchanged.
a. Since early December 2020, the Company has received total
funding inflows of over $5.4m, through the support of the 5G
Innovation Leaders Fund and through the exercise of warrants,
including from directors.
b. The significant boost to the Company's cash reserves has
supported the planned expansion of its R&D resources in order
to meet the development requirements and to achieve the anticipated
revenues for 2021.
c. 2021 revenue estimates remain in line with expectations,
subject to product revenues recognition being dependent on the
timely supply of FPGA components, cards and appliances. Currently
there is a temporary worldwide component shortage that is affecting
global industry-wide customer deliverables (not exclusive to
Ethernity), that the Company is overcoming through purchasing from
parallel sources, until supply levels recover from the original
manufactures of the components
Exercise of Warrants and Directors Dealings
The Company announces that it has received notices to exercise
warrants, at 30p per share ("30p Warrants"), to subscribe for a
total of 979,168 new ordinary shares of NIS 0.001 each in the
Company ("Ordinary Shares"), including exercises by David Levi, CEO
(666,667 30p Warrants) and Shavit Baruch, Executive Director
(166,667 30p Warrants). In addition, on 30 April 2021 each of David
Levi and Shavit Baruch disposed of certain Ordinary Shares in order
to fund costs associated with the exercise of their 30p Warrants,
as detailed below.
Name Shares Price per Warrants Resultant Ordinary Percentage
Sold Ordinary Exercised Share holding of enlarged
Share issued share
capital
David Levi 310,000 53.47p 666,667 9,124,567 16.9%
-------- ---------- ----------- ------------------- --------------
Shavit Baruch 75,000 52.64p 166,667 5,091,667 9.4%
-------- ---------- ----------- ------------------- --------------
Following these exercises, the Directors have exercised all of
their warrants and a total of 427,085 30p Warrants pertaining to
shareholders other than Directors remain issued and
unexercised.
Ethernity CEO David Levi said: "Our continued growth in
engagements and outreach is extremely encouraging along with the
continued increase in recognition of our offerings by the market
leaders. Our unique and innovative solutions are now starting to
penetrate into the major market players who have seen the need for
our technology. I remain extremely encouraged by the progress and
while there remains an immense amount of hard work ahead, I can
finally see the vision starting to become a market reality. The
support from our shareholders and founders has underscored our
confidence in the Company and positioned our resources to deliver
our offerings."
Application and Total Voting Rights
Application has been made to the London Stock Exchange for
979,168 new Ordinary Shares to be admitted to trading on AIM
("Admission") and Admission is expected to occur on or around 7 May
2021. The new Ordinary Shares will, upon issue, rank pari passu
with the existing Ordinary Shares in the Company.
Following Admission of the 979,168 new Ordinary Shares, the
Company's enlarged issued share capital will be 54,061,759 Ordinary
Shares. The Company holds no Ordinary Shares in Treasury. This
figure of 54,061,759 Ordinary Shares may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the FCA's Disclosure Guidance and Transparency Rules.
For further information, please contact:
Ethernity Networks Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Arden Partners plc (NOMAD and Joint Tel: +44 207 614 5900
Broker)
Richard Johnson / Benjamin Cryer
Peterhouse Capital Limited (Joint Broker) Tel: +44 20 7562 0930
Lucy Williams / Duncan Vasey / Eran
Zucker
About Ethernity ( www.ethernitynet.com )
Ethernity Networks Ltd. (AIM: ENET) provides innovative,
comprehensive networking and security solutions on programmable
hardware for accelerating telco/cloud networks performance.
Ethernity's FPGA logic offers complete Carrier Ethernet Switch
Router data plane processing and control software with a rich set
of networking features, robust security, and a wide range of
virtual function accelerations to optimize telecommunications
networks. Ethernity's complete solutions quickly adapt to
customers' changing needs, improving time-to-market and
facilitating the deployment of 5G and edge computing.
The information contained in this announcement is deemed by the
Company to constitute inside information as stipulated under
Article 7 of the Market Abuse Regulations (EU) No 596/2014, which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018. With the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain..
Template for notification and public disclosure of transactions
by persons discharging managerial responsibilities and persons
closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Levi
---------------------------- -----------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Director
---------------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------
a) Name Ethernity Networks Ltd.
---------------------------- -----------------------------------------------
b) LEI 213800LZJO33QBNXU496
---------------------------- -----------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
-----------------------------------------------------------------------------
a) Description of the ordinary shares of NIS 0.001 nominal
financial instrument, value each
type of instrument ISIN: IL0011410359
Identification code
b) Nature of the transaction Exercise of warrants and Sale of Shares
c) Price(s) and volume(s)
---------- ----------------------
Price(s) Volume(s)
---------- ----------------------
Exercise of Warrants
(2 May 2021) 30p 666,667
Sale of Shares (30
April 2021) 53.47p 310,000
---------- ----------------------
d) Aggregated information N/a - single transactions
e) Date of the transaction 30 April 2021 & 2 May 2021
f) Place of the transaction London Stock Exchange (Share Sale); Off
Exchange (Warrants)
---------------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Shavit Baruch
----------------------------- -----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status Director
----------------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------
a) Name Ethernity Networks Ltd.
----------------------------- -----------------------------------------------
b) LEI 213800LZJO33QBNXU496
----------------------------- -----------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
------------------------------------------------------------------------------
a) Description of the ordinary shares of NIS 0.001 nominal
financial instrument, value each
type of instrument ISIN: IL0011410359
Identification code
b) Nature of the transaction Exercise of warrants and Sale of Shares
c) Price(s) and volume(s)
----------- ---------------------
Price(s) Volume(s)
----------- ---------------------
Exercise of Warrants
(2 May 2021) 30p 166,667
Sale of Shares (30
April 2021) 52.64p 75,000
----------- ---------------------
d) Aggregated information N/a - single transactions
e) Date of the transaction 30 April 2021 & 2 May 2021
f) Place of the transaction London Stock Exchange (Share Sale); Off
Exchange (Warrants)
----------------------------- -----------------------------------------------
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END
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