Business
Proposed IPO of Wyld Networks
Proposed IPO of Wyld Networks.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3710B\n Tern PLC\n 09 June 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.\n \n \n THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THIS ANNOUNCEMENT.\n \n \n \n \n \n 9 June 2021\n \n \n \n \n \n Tern Plc\n \n \n (\"Tern\" or the \"Company\")\n \n \n \n \n \n Proposed IPO of Wyld Networks\n \n \n \n \n \n Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (\"IoT\"), is pleased to announce the proposed IPO and admission to trading on the NASDAQ First North Growth Market (\"NASDAQ First North\") in Stockholm of the newly incorporated holding company of the Company's portfolio company, Wyld Networks Limited, \n Wyld Networks AB (publ)\n (together \"Wyld Networks\").\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Proposed IPO and admission to trading on NASDAQ First North in Stockholm of Wyld Networks, with the first day of dealing expected to be on 2 July 2021.\n \n \n ·\n The proposed Wyld Networks IPO is intended to, inter alia, increase their brand recognition, enable them to raise additional funds for expansion, reduce their dependence on Tern for future funding and provide a public market equity valuation and liquidity for Wyld Networks' shareholders.\n \n \n · \n Proposed Wyld Networks IPO fund raising of \n SEK 25 million (approximately £2.1 million) in conjunction with the proposed IPO, which will be provided by third parties, Tern and Wyld Networks' management, with Tern being due to invest approximately £300,000.\n \n \n · \n Tern's holding in Wyld Networks expected to reduce from 78.7% to approximately 60% following the IPO.\n \n \n \n \n \n Background\n \n \n \n \n \n Wyld Networks...