Company: MASK
Filing Date: 2025-12-30
Form Type: F-1
Source: 0001185185-25-002198
Chunk: 31

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-12-30
Form: F-1
Chunk 31
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) 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 Boustead Securities, LLC 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 July 7, 2025, our registration statement on Form F-1 (Registration No. 333-288294) was declared effective by the SEC. On October 14, 2025, we entered into a letter agreement with the Selling Shareholder (the “L1 Letter Agreement”), pursuant to which the parties agreed to amend the convertible notes issued in the L1 First Tranche such that the remaining portion thereof cannot be converted below a floor price equal to US$0.63, which represents 20% of the Minimum Price (as defined by Nasdaq Rules) as of June 9, 2025, the date of the execution of the securities purchase agreement and (ii) amend the warrants issued in the L1 first tranche such that the exercise price of the warrants cannot be below US$0.63, and in the event the applicable conversion price or exercise price, as applicable, would otherwise be below US$0.63, the Company will issue shares at US$0.63 and pay the Selling Shareholder the resulting economic difference in cash, calculated as set forth in the L1 Letter Agreement. Further, pursuant to the L1 Letter Agreement, the parties also agreed that all references to the 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