3 E Network Technology Group Limited Announces Subsequent Closing of A US$2 Million Convertible Promissory Note Offering

3 E Network Technology Group (Nasdaq: MASK) announced the subsequent closing of a previously announced convertible promissory note offering on January 9, 2026.

Rhea-AI Summary

3 E Network Technology Group (Nasdaq: MASK) announced the subsequent closing of a previously announced convertible promissory note offering on January 9, 2026. The offering contemplates up to US$2.0 million in face value of original issue discount convertible advances under a Securities Purchase Agreement with an institutional investor.

The Company completed an initial closing on December 18, 2025 issuing a convertible note with principal of US$1,500,000 for aggregate gross proceeds of US$1,380,000, and completed the subsequent closing on January 9, 2026 issuing a convertible note with principal of US$500,000 for aggregate gross proceeds of US$460,000. The Note is convertible into Class A ordinary shares and the Subsequent Closing occurred upon effectiveness of a resale registration statement covering the shares issuable on conversion. Boustead Securities acted as placement agent.

Positive

• Raised aggregate gross proceeds of US$1,840,000 to date from the offering
• Offering structured as convertible notes, providing near-term liquidity without immediate equity issuance
• Resale registration effective for shares issuable on conversion, enabling investor liquidity

Negative

• Up to US$2.0 million face value convertible advances may dilute existing shareholders upon conversion
• Initial and subsequent closings issued at an original issue discount, reflecting financing cost to shareholders

Argus Jan 12 session

+7.89% close to close Open Argus

Details

News Market Reaction – MASK

In the Jan 12 session, MASK gained 7.89%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +7.9% in the session following this news. A strong positive reaction aligns with pri...

Analysis

The stock moved +7.9% in the session following this news. A strong positive reaction aligns with prior sensitivity to capital-raising and AI expansion news. While this subsequent closing was previously outlined, investors may have viewed execution and registration effectiveness as de-risking steps. However, repeated use of convertible structures and prior amendments highlight ongoing dilution considerations. Past offering-related headlines showed mixed follow-through, so any large move could have been influenced by short-term positioning and liquidity conditions rather than a structural shift.

Key Figures

Convertible note offering size: US$2,000,000 face value Initial note principal: US$1,500,000 Initial gross proceeds: US$1,380,000 +3 more

Convertible note offering size

US$2,000,000 face value

Total original issue discount convertible advances under Securities Purchase Agreement

Initial note principal

US$1,500,000

Initial closing on December 18, 2025

Initial gross proceeds

US$1,380,000

Aggregate gross proceeds from initial closing

Subsequent note principal

US$500,000

Subsequent closing on January 9, 2025

Subsequent gross proceeds

US$460,000

Aggregate gross proceeds from subsequent closing

Par value per share

US$0.0001

Class A ordinary shares issuable upon conversion of the note

Historical Context

5 past events · Latest: Dec 19

5 events

1. Dec 19

   Convertible offering

   24h Move

   +0.0%

   Initial closing of a $2.0M convertible promissory note offering.

2. Dec 15

   AI project deal

   24h Move

   +36.4%

   Master services agreement for a 26MW AI data center in Finland.

3. Oct 24

   Board changes (peer)

   24h Move

   +3.7%

   Director resignations and appointments at related company PINTEC.

4. Oct 20

   Note financing

   24h Move

   -3.8%

   Closing of a $1.5M private convertible promissory note financing.

5. Oct 15

   Note amendment

   24h Move

   +3.2%

   Amendment to $7.4M notes, adding $0.63 floor and voiding later tranches.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible promissory note, original issue discount, class a ordinary shares, par value, +3 more

7 terms

convertible promissory note financial

"completed the subsequent closing of a convertible promissory note in the principal"

A convertible promissory note is a loan a company takes now that can later be turned into shares instead of being repaid in cash. Think of it as lending money with the option to accept ownership in the business down the road; that matters to investors because it affects who gets paid first, how much ownership existing shareholders keep, and the company’s future valuation and cash needs. Terms such as conversion price, interest and maturity determine the financial impact.

original issue discount financial

"up to $2 million in face value of original issue discount convertible advances"

Original issue discount (OID) is the difference between a debt security’s face value and the lower price at which it is first sold, treated as additional interest that accrues over the life of the instrument. For investors it matters because OID raises the effective yield and changes taxable income and the holding’s cost basis over time — think of buying a $100 voucher for $90 and recognizing the $10 gain as earned interest as the voucher approaches maturity.

class a ordinary shares financial

"convertible into Class A ordinary shares of the Company, par value US$0.0001"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

par value financial

"Class A ordinary shares of the Company, par value US$0.0001 per share"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

resale registration statement regulatory

"effectiveness of a resale registration statement covering the Shares issuable"

A resale registration statement is a document filed with regulators that allows existing shareholders to sell their shares to the public. It provides the necessary legal approval and information for these shares to be resold on the market, helping to increase the availability of shares for trading. For investors, it signals that shares held by current owners can be offered for sale, potentially affecting share prices and market liquidity.

placement agent financial

"Boustead Securities, LLC acted as placement agent in connection with the offering"

A placement agent is a professional or firm that helps organizations raise money from investors, such as individuals, institutions, or funds. They act like matchmakers, connecting those seeking investments with the right investors and guiding the process to ensure successful funding. For investors, they can provide access to exclusive opportunities and help navigate complex fundraising efforts.

securities purchase agreement financial

"the Company entered into a series of agreements with an institutional investor"

A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HONG KONG, Jan. 09, 2026 (GLOBE NEWSWIRE) -- 3 E Network Technology Group Limited (Nasdaq: MASK) (the “Company” or “3e Network”), a business-to-business (“B2B”) information technology (“IT”) business solutions provider committed to becoming a next-generation artificial intelligence (“AI”) infrastructure solutions provider, today announced the subsequent closing of its previously announced convertible promissory note offering.

As previously disclosed on December 18, 2025, the Company entered into a series of agreements with an institutional investor (the “Investor”) (the “Securities Purchase Agreement”), pursuant to which the Company agreed to allot and issue up to $2 million in face value of original issue discount convertible advances. Pursuant to the Securities Purchase Agreement, the Company completed the initial closing of the offering, issuing a convertible promissory note in the principal amount of US$1,500,000 for aggregate gross proceeds of US$1,380,000 on December 18, 2025.

On January 9, 2025, the Company completed the subsequent closing of a convertible promissory note in the principal amount of US$500,000 (the “Note”), convertible into Class A ordinary shares of the Company, par value US$0.0001 per share, for aggregate gross proceeds of US$460,000 (the “Subsequent Closing”). The Subsequent Closing represents the second installment of the offering as contemplated under the Securities Purchase Agreement and was completed upon the effectiveness of a resale registration statement covering the Shares issuable upon conversion of the Note, subject to the satisfaction of applicable terms and conditions.

Boustead Securities, LLC acted as placement agent in connection with the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 3 E Network Technology Group Limited

3 E Network Technology Group Limited is a B2B IT business solutions provider, committed to becoming a next-generation AI infrastructure solutions provider. It upholds the industry consensus of “AI and energy symbiosis” and has a forward-looking strategic vision in the field of energy investment. The Company’s business comprises two main portfolios: the data center operation services portfolio and the software development portfolio. For more information, please visit the Company’s website at https://3emask.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “expects,” “anticipates,” “intends,” “plans,” “will,” “may,” “could,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements, except as required by applicable law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

3 E Network Technology Group Limited
Investor Relations Department
Email: ird@3emask.com
Website: https://3emask.com/

FAQ

What did 3 E Network (MASK) announce on January 9, 2026 about the convertible note offering?

The company completed a subsequent closing for a convertible promissory note with principal US$500,000 for gross proceeds of US$460,000, part of an offering up to US$2.0 million.

How much has 3 E Network (MASK) raised so far from the convertible promissory note offering?

Aggregate gross proceeds from the initial and subsequent closings total US$1,840,000 (US$1,380,000 initial + US$460,000 subsequent).

Will the convertible notes for MASK dilute current shareholders and when could that happen?

The notes are convertible into Class A ordinary shares, so dilution could occur if and when the notes are converted per their terms.

What role did Boustead Securities play in MASK's offering?

Boustead Securities acted as placement agent in connection with the offering.

Does 3 E Network (MASK) have registration for shares issuable upon conversion of the notes?

Yes; the Subsequent Closing was completed upon effectiveness of a resale registration statement covering the shares issuable upon conversion.