Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) is raising £750,000 (gross) through a placing at 3p per share to fund capital equipment to improve testing and integration facilities and accelerate product shipment to customers.
David Levi, the telecom hardware maker's chief executive and who subscribed for £25,000 worth of shares, said the majority of the required technology development for the first version of the UEP link bonding system product was done.
As such, "There is a clear line to the target revenues for this year as well as significant further growth potential for 2024."