Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 48

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 48
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 number of Class A Ordinary Shares in
three tranches, which contemplates (i) the first tranche consisting of up to US$2.2 million in principal amount of Convertible Notes
and Warrants, and 1,248,611 Pre-Delivery Shares and pre-funded warrants to purchase an additional 213,389 Pre-Delivery Shares, (ii)
the second tranche consisting up to US$2.2 million in principal amount of Convertible Notes, to be issued pursuant to the terms and
conditions of the Securities Purchase Agreement and (iii) the third tranche consisting of up to US$3.0 million in principal amount
of Convertible Notes, which may be issued by mutual agreement within 180 days after the second tranche closing. In connection with
this transaction, we have entered into a warrant agreement with the Placement Agent, Boustead Securities, LLC, pursuant to which the
Placement Agent is entitled to receive warrants representing five percent of the number of Pre-Delivery Shares issued by the
Company, if and when the Selling Shareholder exercises its right to purchase and actually consummates its purchase of the
Pre-Delivery Shares under the 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 Guangzhou
Sanyi Network for a total consideration of approximately RMB6,204,000 in cash; and (ii) 100% of equity interest of Guangzhou 3E Network
for a total consideration of approximately RMB1,390,000