Tern Plc (LON:TERN), the company focused on value creation from Internet of Things (“IoT”) technology businesses, has announced that it has committed to exercise the 320,454 TO2 Warrants in Wyld Networks AB which represents all of the TO2 Warrants that were issued to Tern pursuant to its investment as part of Wyld Networks’ Offering in conjunction with Wyld Networks’ IPO and admission to trading on the NASDAQ First North Growth Market in Stockholm on 2 July 2021.
Tern will pay SEK 2,794,359 (approximately £220,000) to exercise its TO2 Warrants to subscribe for 320,454 shares in Wyld Networks at SEK 8.72 per share, and this will be funded from Tern’s existing cash resources.
Prior to the completion of the TO2 Warrant exercises Tern held 46.5% of Wyld Networks’ issued share capital. The subscription period for the in aggregate, 2,275,000 TO2 Warrants commenced on 6 December 2022 and will end on 19 December 2022. If all of the TO2 Warrants are exercised Tern’s holding in Wyld Networks will reduce to 41.0% and a further announcement regarding Tern’s resultant holding in Wyld Networks will be made when the exercise period for the TO2 Warrants is completed.
Capitalised terms not otherwise defined herein have the same meaning as in the Company’s announcement “Proposed IPO of Wyld Networks” made on 9 June 2021.
