Tern plc (GB:TERN) has released an update.
Tern PLC, holding a 19.9% stake in Wyld Networks, is deliberating its position on Wyld Networks’ new preferential rights issue aimed at generating approximately SEK 74.2 million. The rights issue will offer existing shareholders units consisting of shares and series TO6 warrants, with the intent to bolster Wyld Networks’ financial position and fund its expansion in the growing IoT market. The subscription period is set from October 9, 2024, to October 23, 2024, and the capital raised will primarily finance ongoing operations and loan repayments.
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