Company: MASK
Filing Date: 2025-11-25
Form Type: F-1
Source: 0001185185-25-001852
Chunk: 245

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-11-25
Form: F-1
Chunk 245
---
 | - |     |      |     - |
| Accrued expenses and other liabilities |     |                | 691,306 |     |      | - |     |      | 2,204 |

10. Convertible Note On June 9, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”), pursuant to which the Company (i) up to $ 7.4million in face value of 8% original issue discount senior secured convertible notes (“Notes”) and (ii) warrants (“Warrants”) to purchase up to certain number of Class A ordinary shares par value $ 0.0001per share (“Shares”) that equals 40% of the maximum principal amount of the First Tranche Note divided by the daily volume weighted average prices (“VWAPs”) prior to the initial closing date of the First Tranche. The Purchase Agreement provides for three tranches of Notes and Warrants, including (i) the First Tranche, which consists of up to $ 2.2million in principal amount of Note and related Warrants, to be issued in twoinstallments, the first installment upon signing of the Purchase Agreement and the second installment upon the U.S. Securities and Exchange Commission (the “SEC”) declaring the initial resale registration statement to be filed therefor effective; (ii) the Second Tranche, also up to $ 2.2million in principal amount of Note, to occur on the earlier of the date on which the First Tranche Note has less than $ 500,000in principal remaining or after 120days following effectiveness of the initial resale registration statement, subject to the Company having a minimum market capitalization of $ 30million; and (iii) the Third Tranche, up to $ 3.0million in principal amount of Notes, which may be issued by mutual consent up to 180days after the Second Tranche closing. The conversion price of the Notes equals to the lower of (i) a fixed price equal to 120% of the average of the three daily VWAPs of the Shares immediately prior to the applicable closing date, which will be subject to adjustment for dilutive offerings (excluding director and officer compensation) that occur within the next 18 months and (ii) a floating price based on 93%of the lowest daily VWAP in the 10 trading days immediately preceding the conversion if there is no event of default. The transaction is subject to customary