3 E Network Raises $1.38M Convertible Note with 468,978-Share Warrant
MASK•3 E Network Technology raised $1.38 million by issuing a $1.5 million convertible promissory note convertible into Class A shares plus a warrant for 468,978 shares. The note bears a subsequent $500,000 closing contingent on registration, with warrants exercisable at $2.712 per share through June 23, 2031.
1. Initial Closing Details
3 E Network Technology Group completed initial closing of a $1.5 million convertible promissory note offering, generating gross proceeds of $1.38 million. The financing included a warrant for 468,978 Class A ordinary shares.
2. Terms of Note and Warrant
The promissory note converts into Class A ordinary shares at the holder’s election, while the warrant allows purchase of 468,978 shares at an initial exercise price of $2.712 per share through June 23, 2031. In default, the warrant exercise price adjusts to 80% of the preceding trading day's VWAP and supports cashless exercise if registration is unavailable.
3. Registration Rights and Additional Closing
Under the Registration Rights Agreement, the company must file a resale registration statement on Form F-3 or F-1 within 15 business days of the closing. A subsequent closing for up to $500,000 of additional note principal, yielding $460,000 of proceeds, will occur upon effectiveness of the registration.
