Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) told investors it has raised £700,000 of new capital via an issue of shares.
It raised £650,000 in a placing with CMC Markets and £50,000 was raised by a subscription by an existing shareholder. The company said that it expects to have a US$2.1 million cash balance following the completion of the fundraise.
“The fundraise, together with the collection of cash during Q4 2023, allows the company to be financially positioned for the next stage of its development to service existing contracts and capitalise on new opportunities,” chief executive David Levi said in a statement.
He added: "Ethernity continues to progress its current strategy, cantered around its semiconductor technology for Ethernet Access and fibre access technology to deliver a broad offering to OEMs from IP licensing, conversion to eASIC or ASIC, through to delivery of a complete customised system.”