3 E Network Agrees to $5 Million Private Share Placement

3 E Network Technology Group Limited agreed to sell 2.75 million shares for $5 million, adding financing for the Nasdaq-listed company as issuance remains conditional and cannot begin before Oct. 30. The subscription agreement covers 2,751,789 Class A ordinary shares at approximately $1.8170 per share on a post-consolidation basis. The price is approximate and rounded, and the placement would generate $5 million in gross proceeds. 3E NETWORK TECHNOLOGY PTE. LTD., controlled by CEO and director Dr. Tingjun Yang, agreed to buy 1,157,823 shares for $2,103,764.12. Each of six individual purchasers agreed to buy 265,661 shares for $482,705.98.

Source: TokenPost