Ethernity Networks, a leading provider of data-processing products, has announced that it no longer considers a settlement notice from 5G Innovation Leaders Fund to be valid. In response, the company has withdrawn its application for the admission of 37.1 million shares to trading.
Resolving Outstanding Issues with Creditors
Ethernity Networks is currently working towards resolving outstanding issues with its creditors and implementing a new business plan. As part of this process, the company has engaged in discussions with the 5G Innovation Leaders Fund in an effort to find a mutually beneficial agreement.
Issuance of New Shares and Demand Letter
Last week, Ethernity Networks issued and allotted 37.1 million new shares at a price of £0.002 each. However, earlier this month, the company received a demand letter from the 5G Innovation Leaders Fund. The letter requested immediate repayment of $1.3 million outstanding under a share-subscription agreement from February of last year.
Despite its efforts to engage with the 5G Innovation Leaders Fund, Ethernity Networks remains firm in its decision to dismiss the settlement notice as invalid. The company will continue to navigate its ongoing challenges while exploring opportunities to resolve its issues with creditors.