Tern Plc (LON:TERN), the company focused on value creation from Internet of Things (“IoT”) technology businesses, notes that Wyld Networks AB 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.”