Tern Plc Launches £340,140 Open Offer to Boost IoT Investments

Tern plc ( (GB:TERN) ) has shared an update.

Tern Plc has announced an underwritten Open Offer to raise approximately £340,140 through the issuance of 34,013,989 Open Offer Shares at an Issue Price of 1.00p per share. This represents a 28.6% discount to the closing market price prior to the announcement. The offer is fully underwritten by CMC Markets UK Plc and is conditional upon the admission of the shares to trading on AIM. The proceeds are intended to support the company’s strategy of maximizing the value of its portfolio companies, despite challenges in the global macroeconomic environment. The company has also been actively managing operational costs, achieving a significant reduction in administration expenses.

More about Tern plc

Tern Plc is a company focused on value creation from Internet of Things (IoT) technology businesses. It invests in early-stage technology companies, with a particular emphasis on expanding their market reach, especially in the USA. The company is committed to maximizing the value of its portfolio companies and achieving successful exits to provide strong returns for shareholders.

YTD Price Performance: 3.57%

Average Trading Volume: 3,003,615

Technical Sentiment Signal: Buy

Current Market Cap: £7.62M

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