Tern PLC - London-based investor in early-stage 'internet of things' technology businesses - Completes tranche one of its Device Authority Ltd fundraise. Through tranche one, Device Authority has received USD4.0 million. Says a further announcement will be made after it has completed its second tranche, totalling USD3.3 million. Trance two is dependent on approval under the National Security & Investment Act.
On Thursday, Tern announced Device Authority's fundraise. Prior to the fundraise, Tern held a 54% shareholding in Device Authority, a Reading-based software firm. The Series B fundraising effort is aimed at helping Device Authority "to grow in line with its strategy beyond the end of 2024, including expanding its US activities," Tern said.
Current stock price: 3.30 pence, down 5.7% on Thursday in London
12-month change: down 60%
By Sophie Rose, Alliance News senior reporter
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Tern (TERN)