- Internet of things investor Tern has confirmed the completion of its fundraise at the issue price of 7.5p per share.

Through the retail offer, which successfully completed and closed at 6.00pm on 12 November 2020 and was oversubscribed, the company said it raised gross proceeds of £500,000 at 7.5p per share.

Tern CEO Al Sisto said: 'We are delighted with the investor support that we have received for the fundraise and we welcome a number of new shareholders to Tern.'

Sisto added: 'We are conscious of shareholder expectations regarding the use of the funds raised. We look forward to deploying them to both add value for our shareholders through further appropriate investment in our existing portfolio companies and any value enhancing opportunities to invest in new companies as they arise.'

Tern said that, in aggregate, the subscription and the retail offer via PrimaryBid have raised gross proceeds of £2.2 million, via the subscription of 22,672,000 subscription shares and 6,666,667 retail shares.

At 9:26am: [LON:TERN] Tern Plc share price was -0.9p at 8.1p

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