Tern PLC - investor focused on the internet of things - Says it has committed to exercise the 320,454 TO1 warrants in Wyld Networks AB which represents all of the warrants that were issued to Tern in conjunction with Wyld Networks' initial public offering and admission to trading on the NASDAQ First North Growth Market in Stockholm in July 2021. Tern will pay SEK3.6 million - approximately GBP290,000 - to exercise its TO1 warrants to subscribe for 320,454 shares in Wyld Networks at SEK11.25 per share, and this will be funded from Tern's existing cash resources.
Prior to the completion of the TO1 warrant exercises, Tern held 58.7% of Wyld Networks' issued share capital. The subscription period for the 2.3 million TO1 warrants commenced on March 22 and will end on April 4. If all of the warrants are exercised Tern's stake in Wyld will be cut to 49.1% and a further announcement regarding Tern's holding in Wyld Networks will be made when the exercise period for the warrants is completed, it says.
Current stock price: 13.99 pence
12-month change: up 31%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Tern (TERN)