Company: MASK
Filing Date: 2025-12-02
Form Type: POS AM
Source: 0001185185-25-001899
Chunk: 49

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-12-02
Form: POS AM
Chunk 49
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 second
and third tranches in the Securities Purchase Agreement shall no longer apply and be null and void. As of the date of this prospectus,
the Selling Shareholder has converted a total of US$2,050,000 under the Convertible Notes issued in the L1 First Tranche, with the remaining
principal amount of the outstanding Notes totals US$150,000, which are convertible into up to 238,095 Class A Ordinary Shares based on
the floor price equal to US$0.63 pursuant to the L1 Letter Agreement, and outstanding warrants to purchase 493,128 Class A Ordinary Shares
(including pre-funded warrants to purchase an additional 213,389 Class A Ordinary Shares). On October 17, 2025, we entered into another
securities purchase agreement with the Selling Shareholder, pursuant to which we agreed to sell and issue convertible note in the principal
amount of US$1.5 million convertible into our Class A Ordinary Shares for aggregate gross proceeds of US$1.38 million (the “L1 New
Securities Purchase Agreement”) As of the date of this prospectus, none of the convertible note issued under the L1 New Securities
Purchase Agreement has been converted into Class A Ordinary Shares, and up to 14,895,729 Class A Ordinary Shares remain issuable upon
conversion of such convertible note based on the floor price of US$0.1007 pursuant to the L1 New Securities Purchase Agreement.

On May 3, 2025, we signed a non-binding Memorandum of Understanding with Orka Technologies Oy, a company incorporated and existing under the laws of Finland to jointly develop and construct a data center located in Finland.

On April 3, 2025, our board of directors approved the removal of the
positions of (i) Ye Tao as the Co-Chief Executive Officer of the Company, (ii) Zhaolai Deng as the Chief Product Officer of the Company,
(iii) Zhiyong Lin as the Chief Technology Officer of the Company; and (iv) Haodong Li as the Chief Operating Officer of the Company. The
Board also approved that Tingjun Yang’s position was changed to the Chief Executive Officer of the Company, replacing his previous
position of Co-Chief Executive Officer.

In March 2025, HK 3e Network entered into two equity transfer agreements with HongKong Techfaith Limited (“Techfaith”) and sold to Techfaith (i) 60% of equity interest of Guang