Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) has been granted a further extension to the Temporary Suspension of Proceedings (TSP) until 30 January 2024 by a court in Israel.
The TSP process is designed to protect the company's ongoing operations as a going concern and enable Ethernity to agree to the repayment of outstanding debts with creditors.
Ethernity Networks said it now has secured sufficient funds to continue with its ongoing operations, service existing client contracts, capitalise on new opportunities and support future growth.
In respect of its creditors, a proposal for settlement of the debts has been proposed and subject to approval by the settlement manager and the Court, a creditors' meeting will be convened to seek their agreement.
Ethernity’s board added the company should be able to exit the TSP process before the end of January 2024 with a strong cash position.