Tern PLC Application for shares to cross-trade on US OTCQB (1667C)
June 17 2021 - 1:00AM
UK Regulatory
TIDMTERN
RNS Number : 1667C
Tern PLC
17 June 2021
17 June 2021
Tern Plc
("Tern" or the "Company")
Intention to submit application for Tern's shares to cross -
trade on the OTCQB in the US
Tern Plc (AIM:TERN), the investment company specialising in the
Internet of Things ("IoT"), is pleased to announce that it intends
to file an application with the OTC Markets Group for the Company's
Ordinary Shares to be publicly cross-traded on the OTCQB Market
("OTCQB") based in the United States ("US") shortly.
The OTCQB, also called 'The Venture Market', was created in 2010
and is recognised as an Established Public Market by the US
Securities and Exchange Commission (the "SEC"). The OTCQB is a
leading US market for US and international companies in the
entrepreneurial and development stage. As a market with efficient
access to US investors, OTCQB helps companies build shareholder
value with a goal of enhancing liquidity and achieving a fair
valuation.
The Company believes that having its Ordinary Shares
cross-traded on the OTCQB will provide the potential for enhanced
investor benefits, including easier trading access for investors
located in the US and greater liquidity due to a broader geographic
pool of potential investors.
Cross-trading on the OTCQB market will have no impact on Tern's
existing Ordinary Shares, which will continue to trade on the AIM
Market of the London Stock Exchange, and no new Ordinary Shares
will be issued as part of the application to cross-trade the
Ordinary Shares on the OTCQB.
Obtaining a cross-trading facility on the OTCQB is expected to
be a cost-effective process for Tern, with there being no need to
file a prospectus or similar document. Furthermore, the Company can
continue to rely on the announcements and disclosures it makes to
the London Stock Exchange and will have no Sarbanes-Oxley or SEC
reporting requirements in connection with the proposed
cross-trading on the OTCQB.
To qualify for the OTCQB, Tern will need to demonstrate that it
meets high financial standards, follows best practice corporate
governance and that it complies with applicable securities laws.
The Board has received advice that Tern should be able to provide
confirmation that it complies with such requirements.
Further announcements will be made as appropriate.
Commenting Al Sisto, CEO of Tern, said :
"We have been seeing increasing interest in Tern and our
portfolio companies from investors in the US and we have been
exploring ways to make it easier for those investors to trade in
Tern's shares. Having our shares cross-traded on the OTCQB would
considerably simplify the process for US investors, enabling them
to trade in our shares in US dollars during US market hours.
"Additionally with many of the companies and investors focused
on the IoT sector being based in the US we are optimistic that the
enhanced profile a OTCQB cross-trading facility would provide to
Tern would generate further interest from investors and assist with
diversifying our shareholder register."
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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