Jun. 17 at 12:39 PM
$MASK 3 E Network Technology prices
$7.4M convertible senior note offering
On June 9, 2025, 3 E Network Technology Group Limited "entered into a Securities Purchase Agreement with an institutional investor, pursuant to which the Company agreed to sell and issue (i) up to
$7.4 million in face value of 8% original issue discount senior secured convertible notes and (ii) warrants to purchase up to certain number of Class A ordinary shares par value
$0.0001 per share that equals 40% of the maximum principal amount of the First Tranche Note divided by the daily VWAP prior to the initial closing date of the First Tranche.
The Purchase Agreement provides for three tranches of Notes and Warrants, including (i) the First Tranche, which consists of up to
$2.2 million in principal amount of Note and related Warrants, to be issued in two installments, the first installment upon signing of the Purchase Agreement and the second installment upon the U.S. Securities and Exchange Commission declaring the initial resale registration statement to be filed therefor effective;
(ii) the Second Tranche, also up to
$2.2 million in principal amount of Note, to occur on the earlier of the date on which the First Tranche Note has less than
$500,000 in principal remaining or after 120 days following effectiveness of the initial resale registration statement, subject to the Company having a minimum market capitalization of
$30 million; and (iii) the Third Tranche, up to
$3.0 million in principal amount of Notes, which may be issued by mutual consent up to 180 days after the Second Tranche closing."
