Tern trades lower after £450k equity raise

Tern PLC (AIM:TERN) traded lower on Wednesday, down 5.2% to 1.23p, after it raised £450,000 before expenses through a discounted share placing, providing additional funding for its technology portfolio and general corporate costs.

The Internet of Things investment company issued 50 million new shares at 0.90p each, a 31% discount to Monday’s closing price of 1.30p.

Tern said the proceeds may be used for a further convertible loan note investment in portfolio company Talking Medicines Ltd, alongside operating and legal expenses.

The new shares will represent around 5.5% of Tern’s enlarged issued capital.