3E Network amends $7.4M private placement terms, cancels future tranches

* 3E Network Technology Group (NASDAQ:MASK [https://seekingalpha.com/symbol/MASK]) amended [https://seekingalpha.com/pr/20266376-3-e-network-technology-group-limited-announces-amendment-to-its-7_4-million-convertible-notes] its previously announced $7.4M private placement of senior convertible secured notes.
* Under the new agreement, the conversion and warrant exercise price cannot fall below a $0.63 floor price (20% of Nasdaq-defined Minimum Price).
* If market prices drop below the floor, the company will issue shares at $0.63 and pay the investor the difference in cash.
* Second and third tranches of the original offering are now voided.
* Proceeds will be used for general corporate and working capital purposes.

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* Financial information for 3 E Network Technology Group [https://seekingalpha.com/symbol/MASK/income-statement]