Ethernity Networks Dismisses Settlement Notice

1 Mins read

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 In response, the company has withdrawn its application for the admission of 37.1 million shares to trading.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.

Moving Forward

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.

Related posts

GitLab Stock Surges on First Ever Adjusted Operating Profit

1 Mins read
GitLab’s stock experienced a significant surge on Tuesday following the announcement of its first ever adjusted operating profit. Despite this positive development,…

Virgin Galactic Faces Stock Decline Amid Founder's Money Decision

2 Mins read
Virgin Galactic stock experienced a sharp decline in early trading on Monday due to founder Richard Branson’s announcement that he won’t be…

EyePoint Pharmaceuticals Announces Positive Results in Phase 2 Trial for Macular Degeneration Treatment

1 Mins read
EyePoint Pharmaceuticals, a Massachusetts-based company, revealed exciting news on Monday regarding the second-phase trial of its investigational treatment for macular degeneration. The…

Leave a Reply

Your email address will not be published. Required fields are marked *

1 + 9 =