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Tern PLC - investor focused on the internet of things - Says investee Wyld Networks AB has announced an equity fundraising of around SEK 7.3 million, or the equivalent of £580,000. Fundraise price is SEK12.03 per share. Says Wyld Networks' equity of 5.2 million shares will reduce from 49% to about 47% following the fundraise.
Wyld Networks develops and sells innovative wireless technology solutions that enable affordable connectivity globally. Its shares are traded on the Nasdaq First North Growth Market in Stockholm. Tern holds 59% of Wyld Networks' issued share capital.
Wyld Networks plans to use the proceeds to strengthen "its commercial team in order to accelerate the conversion of launch partners into paying customers and to invest in its development team to maintain competitive advantage and execute on its product roadmap", Tern adds.
Chief Executive Officer Al Sisto says: "These are very exciting times for Wyld Networks as it continues to build the business ahead of the expected launch of its commercial sensor-to-satellite service in December. Tern is very supportive of Wyld Networks using their Nasdaq First North quote and the directed share issue process to access the growth capital they require, whilst enabling Tern to maintain a very significant holding as their largest shareholder."
Current stock price: 7.38 pence, down 4.8% on Monday afternoon in London
12-month change: down 64%
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