Tern PLC Wyld Networks Fundraise (4520F)
November 07 2022 - 02:00AM
UK Regulatory
TIDMTERN
RNS Number : 4520F
Tern PLC
07 November 2022
7 November 2022
Tern Plc
("Tern" or the "Company")
Wyld Networks Fundraise
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, is pleased to
note that Wyld Networks AB ( " Wyld Networks") has announced an
equity fundraising of approximately SEK 7.3 million (approximately
GBP0.58 million), before transaction costs (the "Fundraise"). Wyld
Networks' shares are traded on the Nasdaq First North Growth Market
in Stockholm and the Fundraise price of 12.03 SEK per Wyld Networks
share is at a 12.5% discount to the five-day volume weighted
average price of Wyld Networks' shares from 31 October to 4
November 2022.
Wyld Networks has undertaken the Fundraise with certain
strategic and long-term investors to provide the business with
additional capital to further expand its operations in order to
meet the growing demand and to accelerate its growth. Wyld Networks
intends to use the proceeds from the Fundraise to strengthen its
commercial team in order to accelerate the conversion of launch
partners into paying customers and to invest in its development
team to maintain competitive advantage and execute on its product
roadmap. Neither Tern nor any of its directors have participated in
the Fundraise.
Following the Fundraise, Tern's holding in Wyld Networks' equity
of 5,171,425 Wyld Networks shares will reduce from 49.2% to
approximately 46.5%.
Commenting Al Sisto, CEO of Tern, said : "These are very
exciting times for Wyld Networks as it continues to build the
business ahead of the expected launch of its commercial
sensor-to-satellite service in December 2022. Tern is very
supportive of Wyld Networks using their NASDAQ First North quote
and the directed share issue process to access the growth capital
they require, whilst enabling Tern to maintain a very significant
holding as their largest shareholder. We look forward to reporting
on Wyld Networks' further progress in due course."
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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END
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