Further re. Wyld Networks Warrant Exercise

RNS Number : 6670K
Tern PLC
22 December 2022
 

 

22 December 2022

 

Tern Plc

("Tern" or the "Company")

 

Further re. Wyld Networks Warrant Exercise

 

Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, is pleased to note that, following the Company's announcement on 13 December 2022, Wyld Networks AB ( " Wyld Networks") has announced that approximately 97.6% of its outstanding TO2 Warrants have been exercised, providing approximately SEK 19.4 million (approximately £1.5 million), before issuing costs, to Wyld Networks.

 

As previously announced, Tern has exercised all of its TO2 Warrants to subscribe for 320,454 shares in Wyld Networks at SEK 8.72 per share, for a total cost of SEK 2,794,359 (approximately £220,000), funded from Tern's existing cash resources.  The TO2 Warrants were issued to the Company pursuant to its investment as part of Wyld Networks' Offering in conjunction with its IPO and admission to trading on the NASDAQ First North Growth Market in Stockholm on 2 July 2021.

 

Prior to the completion of the TO2 Warrant exercises Tern held 46.5% of Wyld Networks' issued share capital.  Following the completion of the TO2 Warrant exercises Tern's holding in Wyld Networks has reduced to 41.2% of Wyld Networks' issued share capital.

 

Capitalised terms not otherwise defined herein have the same meaning as in the Company's announcement "Proposed IPO of Wyld Networks" made on 9 June 2021.

 

Enquiries

 

Tern Plc

Al Sisto (CEO)

Sarah Payne (CFO)

via IFC Advisory

 

Allenby Capital Limited

(Nominated Adviser and Broker)

David Worlidge / Alex Brearley (Corporate Finance)

Matt Butlin / Kelly Gardiner (Sales and Corporate Broking)

 

Tel: 0203 328 5656

 

IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Graham Herring

Florence Chandler

 

Tel: 0203 934 6630

tern@investor-focus.co.uk

 

 

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