3 E Network Technology enters ELOC agreement for up to $20M

3 E Network Technology (MASK) Group entered into a securities purchase agreement with an institutional investor pursuant to which the Company has the right, but not the obligation, to issue and sell, from time to time, Class A ordinary shares of the Company to the Investor for aggregate gross proceeds of up to $20M, representing an equity line of credit facility. Pursuant to the ELOC Purchase Agreement, the Company may, at its discretion, deliver one or more purchase notices to the Investor from time to time, requiring the Investor to purchase a specified number of ordinary shares, subject to the satisfaction of customary conditions precedent set forth in the ELOC Purchase Agreement, including an effective resale registration statement registering the Investor’s resale of the shares. The purchase price for any ordinary shares sold under the ELOC will be determined in accordance with the pricing provisions set forth in the ELOC Purchase Agreement, which are based on the market price of the Company’s ordinary shares during the applicable measurement period. The ELOC provides the Company with flexible access to capital over the 24-month term of the facility. Proceeds from any sales of ordinary shares under the ELOC may be used by the Company for general corporate purposes, including working capital, project development, production financing, and other strategic initiatives.