Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (“IoT”), is pleased to provide an update on the proposed IPO and admission to trading on the NASDAQ First North Growth Market (“NASDAQ First North”) in Stockholm of the newly incorporated holding company of the Company’s portfolio company, Wyld Networks Limited, Wyld Networks AB (publ) (together “Wyld Networks”), originally announced by Tern on 9 June 2021.
The subscription period for the issue of units by Wyld Networks in connection with the admission to Nasdaq First North (the “Offering”) ended on 23 June 2021. There was a large interest in the Offering and the Offering to the public in Sweden was heavily oversubscribed. As a result of the significant interest shown, not all subscribers have been allocated shares. The allotment of shares in the Offering was decided in accordance with the principles set out in the EU growth prospectus prepared by Wyld Networks, which was approved by the Swedish Financial Supervisory Authority on 9 June 2021.
As previously announced, Wyld Networks will receive SEK 25 million (approximately £2.1 million) from the Offering, before issue costs and the proceeds from any future warrant exercises. This includes approximately £300,000 from Tern and further amounts from certain of Tern’s Directors (amounting to approximately £55,000) and Wyld Networks’ management. A maximum of a further approximately SEK 69 million (approximately £5.8 million) could potentially be raised by Wyld Networks if all of the warrants to be granted pursuant to the Offering (as described in Tern’s announcement of 9 June 2021) were to be exercised.
It is anticipated that the first day of trading of Wyld Networks’ shares on NASDAQ First North will be on 2 July 2021.
Following the Offering, Tern’s holding in Wyld Networks will reduce from 78.7% to 60.7% on the commencement of trading on NASDAQ First North , which will be valued at approximately £4.7 million on the basis of the Offering price.
Commenting Al Sisto, CEO of Tern, said :
“We are delighted that the Wyld Networks Offering in connection with its IPO on NASDAQ First North has been such a success. We look forward to Wyld Networks starting to trade on NASDAQ First North on 2 July 2021 and as their majority shareholder, Tern and our shareholders will benefit from any future share price appreciation. We believe that Wyld Networks has an exciting future ahead of it and we look forward to reporting on their future developments, together with our other portfolio companies in due course.”
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