ENET Ethernity Networks Ltd

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RNS Number : 2980Y

Ethernity Networks Ltd

06 September 2022

6 September 2022

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

Commencement of trading on the OTCQB Market in the USA

Ethernity Networks Ltd (AIM: ENET.L), a leading supplier of data processing offload solutions on programmable FPGA (field programmable gate array) for accelerating telco/cloud networks , is pleased to announce that trading in the Company's ordinary shares ("Ordinary Shares") will begin today on the OTCQB Venture Market ("OTCQB"), in the United States, under the ticker symbol "ENETF".

Trading on the OTCQB will have no direct impact on the trading of Ethernity's existing Ordinary Shares on AIM, which will continue to trade on AIM under the ticker "ENET", and no new Ordinary Shares will be issued as part of the cross-trade. The Company will continue to rely on the announcements and disclosures it makes to the London Stock Exchange and will have no Sarbanes-Oxley or Securities and Exchange Commission (SEC) reporting requirements.

The OTCQB is recognised by the SEC as an established public market providing data that investors need to analyse, value and trade securities. The Directors believe that being part of an established financial marketplace will assist in diversifying the Company's shareholder base with increased liquidity and brand visibility while maintaining a high level of transparent trading, annual verification, continuous regulation and provide a strong baseline of transparency to inform and engage investors.

Cross trading on the OTCQB allows the Company access to one of the world's largest investment markets to expand its reach into a broader pool of investors. Ethernity's shares will be available to US investors during US working hours and priced in US dollars, which has the potential to enable greater liquidity in the Company's Ordinary Shares on AIM by easing cross-border trading for potential US investors. Further information about the OTCQB can be found at:

www.otcmarkets.com/learn/market-101

As a Foreign Private Issuer, the Company's onboarding to the OTC Markets is based on satisfaction of the requirements for OTCQB as applicable to international reporting companies including satisfaction of the criteria for the exemption under the US Exchange Act Rule 12g3-2(b) from SEC reporting. The Rule 12g3-2(b) exemption includes the disclosure obligation to ensure that certain information made public or distributed under home market regulations is made publicly available on the Company's website or other electronic information delivery system in English. Thus, the Company will have no additional reporting obligations and incur minimal ongoing costs, compared to traditional major exchanges.

As a verified market, the OTCQB offers transparent trading for companies that have met a minimum bid price test, are current in their financial reporting and have undergone an annual verification and management certification process. The cross-trading facility is provided through OTC Markets Group Inc., located in New York. OTC Markets operates the world's largest electronic interdealer quotation system for US broker dealers and offers multiple media channels to increase the visibility of OTC-listed companies.

The Company has also appointed Harbor Access, a US based strategic investor relations firm to support the recent US quote. Harbor Access will assist management with investor outreach and awareness. "We are delighted to work with David and the Ethernity Networks team as we believe their technology offers a great investment opportunity for investors with an interest in the 5G space. The addition of the OTCQB quote will allow for greater transparency and disclosure for investors" stated Jonathan Paterson Managing Partner, Harbor Access.

Ethernity has appointed B. Riley Securities, Inc. as its OTCQB Sponsor.

David Levi, Chief Executive of Ethernity , said: "We are thrilled to begin trading on the OTCQB Market. This cross-trading facility provides an opportunity to open up trading and investment in Ethernity to the North American investor community. Ethernity's innovative and patented data processing semiconductor technology and scaling up to provide complete system solutions that utilize our data processing technology, allows customers to deploy innovative differentiated products in the 5G-driven market.

"We have strong sales growth with a high profile North American customer, as well as from the recently signed contracts leading into and beyond 2023, with further anticipated growth from additional possible contracts. We welcome the chance to share our fast-developing and exciting story on the US stage as well as the UK one."

Jonathan Dickson, Vice President of Corporate Affairs, OTC said: "We are delighted to welcome Ethernity Networks Ltd to the OTCQB in the United States. With Ethernity's primary listing remaining on London's AIM, the OTCQB's cross-trading facility will allow Ethernity to broaden its horizons and provide investors in the United States with the ability to access the Company's Ordinary Shares in U.S. dollars and during U.S. market hours."

For further information, please contact:

 
 Ethernity Networks Ltd                       Tel: +972 8 915 0392 
 David Levi, Chief Executive Officer 
 Mark Reichenberg, Chief Financial Officer 
 Allenby Capital Limited                      Tel: +44 (0)20 3328 
  (Nominated Adviser and Joint Broker)         5656 
 James Reeve / Piers Shimwell (Corporate 
  Finance) 
  Amrit Nahal (Sales and Corporate Broking) 
 Peterhouse Capital Limited (Joint Broker)    Tel: +44 (0)20 7562 
                                               0930 
 Lucy Williams / Duncan Vasey / Eran Zucker 
 Harbor Access Inc (US Investor Relations)    Tel: + 1 (475) 477 
                                               9401 
 Jonathan Paterson 
 

About Ethernity Networks

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking and security solutions on programmable hardware for accelerating telco/cloud networks. 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, edge computing, and NFV.

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