Tern Plc (LON:TERN), the company focused on value creation from Internet of Things technology businesses, has announced that it has committed to exercise the 320,454 TO1 Warrants in Wyld Networks AB which represents all of the TO1 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 3,605,108 (approximately £290,000) to exercise its TO1 Warrants to subscribe for 320,454 shares in Wyld Networks at SEK 11.25 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 in aggregate, 2,275,000 TO1 Warrants commenced on 22 March 2022 and will end on 4 April 2022. If all of the TO1 Warrants are exercised Tern’s holding in Wyld Networks will reduce to 49.1% and a further announcement regarding Tern’s resultant holding in Wyld Networks will be made when the exercise period for the TO1 Warrants is completed.
Wyld Networks is a virtual satellite network operator that develops and delivers innovative wireless technology solutions that enable affordable connectivity for IoT devices and sensors anywhere in the world – especially for the 85% of the world’s surface where there are no cellular networks. For the year ended 31 December 2020, Wyld Networks’ audited loss for the year was SEK 9,536,000 (2019: loss of SEK 6,602,000) on net sales of SEK 2,475,000 (2019: SEK 1,559,000) and its audited total assets as at 31 March 2020 were SEK 5,752,000 (31 December 2019: SEK 5,636,000).
Capitalised terms not otherwise defined herein have the same meaning as in the Tern plc announcement “Proposed IPO of Wyld Networks” made on 9 June 2021.
