3E Network amends $7.4 million convertible notes offering terms

3 E Network Technology Group Limited (NASDAQ: MASK) announced amendments to its $7.4 million convertible notes offering originally disclosed in June. The Hong Kong-based business-to-business IT solutions provider entered into a letter agreement with its investor to modify the terms of the private placement.

The amendments establish a floor price of $0.63 for the remaining portion of the First Tranche Note, representing 20% of the Minimum Price under Nasdaq Rules as of June 9, 2025. The warrant exercise price also cannot fall below this floor price. If the conversion or exercise price would be below the floor price, the company will issue shares at the floor price and pay the investor the economic difference in cash.

The letter agreement eliminates the second and third tranches from the original Securities Purchase Agreement, making those provisions null and void. The original offering included three tranches of senior convertible secured notes and warrants totaling $7.4 million in principal amount.

The company stated it intends to use net proceeds for general corporate purposes, working capital, or other purposes deemed appropriate by its Board of Directors.

3 E Network operates through subsidiaries Guangzhou Sanyi Network and Guangzhou 3E Network, providing integrated software and hardware solutions across property management, exhibition services, food establishments, real estate, and clean energy utilities sectors. The company's business comprises software development and exhibition and conference portfolios.

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