REG - Tern PLC - Wyld Networks Fundraise

TernAnnouncement

07/11/2022 07:00

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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 £0.58 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 (mailto:tern@investor-focus.co.uk)

 Tim Metcalfe

 Graham Herring

 Florence Chandler

 

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