18 August 2022
Tern Plc
("Tern" or the "Company")
Further re. FundamentalVR Fund Raise
In the Company's announcement dated 11 August 2022, the Company stated that FVRVS Limited ("FundamentalVR") had closed a second tranche of its Series B fund raising round, securing an additional £5 million in new investment (the "FundamentalVR Series B second tranche") from a new institutional investor at the same valuation as the first tranche, making a total of £13.2 million raised in Series B funding at this time.
The Company notes that in its press release dated 11 August 2022, FundamentalVR, an independent privately held company, stated that it "has raised an additional $20 million to significantly accelerate medical skill-transfer and increase surgical proficiency through its world-leading medical simulation platform, Fundamental Surgery."
Tern can confirm that all the information disclosed in its announcement dated 11 August 2022 is correct and understands that the figure of $20 million referred to by FundamentalVR includes committed contingent funding yet to be received by FundamentalVR. Such funding would be at the same valuation as the FundamentalVR Series B second tranche and would not affect the book value of Tern's investment in FundamentalVR.
Enquiries
Tern Plc Al Sisto (CEO) Sarah Payne (CFO) |
via IFC Advisory |
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley (Corporate Finance) Matt Butlin / Kelly Gardiner (Sales and Corporate Broking) |
Tel: 0203 328 5656 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler |
Tel: 0203 934 6630 |
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