Company: MASK
Filing Date: 2025-12-02
Form Type: POS AM
Source: 0001185185-25-001899
Chunk: 48

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-12-02
Form: POS AM
Chunk 48
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 to the Selling Shareholder to purchase a certain 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 (the “L1 First Tranche”), (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 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, 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