Tern Plc Secures £625,000 to Enhance IoT Portfolio and Support Corporate Operations

October 15, 2024 06:56 PM AEDT | By Team Kalkine Media

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Tern Plc Secures £625,000 to Enhance IoT Portfolio and Support Corporate Operations — Image source: Shutterstock

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Key Points:

Tern raised £625,000 by placing 50,000,000 new ordinary shares at 1.25 pence per share, representing approximately 10.1% of its enlarged share capital.

The issue price reflects a 41.9% discount to Tern's closing mid-market price of 2.15 pence as of October 14, 2024.

The funds will be used for further investment in Tern's IoT portfolio companies and to cover general corporate expenses.

Tern Plc (LSE:TERN), an investment company focused on early-stage disruptive Internet of Things (IoT) technology businesses, announced that it has successfully raised £625,000 through the placement of 50,000,000 new ordinary shares. The shares, each valued at 0.02p, were issued at a price of 1.25 pence per share as part of the fundraising initiative. The placement, conducted by CMC Markets UK Plc (trading as CMC CapX), is contingent upon the shares being admitted to trading on AIM.

The new shares represent approximately 10.1% of the company’s enlarged share capital. The issue price of 1.25 pence per share reflects a significant 41.9% discount to Tern's closing mid-market price of 2.15 pence on October 14, 2024, just prior to this announcement. The discounted price aligns with the recent open offer to existing shareholders, which closed on September 20, 2024.

Use of Funds

The funds raised are intended to support further investment in Tern's IoT portfolio companies, while also providing for general corporate purposes, including covering operating and legal expenses. Tern is committed to continuing its strategy of backing innovative, high-growth businesses that operate within the IoT sector.

Further updates regarding the deployment of the funds will be announced by the company in due course.

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