<< Back to Research archive

Published on: December 8, 2022

Fundraise and commercial traction

Tern has successfully raised £1.5m (gross) through an issue of 15m subscription shares at 10p per share, a 15% discount to the closing price on 7 December. The net proceeds are intended to protect Tern’s commercial position by supporting further growth and investment in its current portfolio companies. Tern will also repay its £400k short term loan facility which will release call options on 320,455 Wyld shares. We see this fundraise as a sensible move, as the group continues to mature its position and offering. Recent newsflow from both Device Authority (DA) and Wyld further support our view that Tern’s portfolio is at an inflexion point, gaining significant commercial traction. This includes DA announcing two significant contracts, following on from the recent release of KeyScaler 7.0 and Wyld Networks officially launching its satellite IoT network service on 8th December 2022, providing 100% global connectivity for the IoT.

Related Content