Further re. FundamentalVR Fund Raise

RNS Number : 3953W

Tern PLC

18 August 2022

 

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: [phone]
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler	Tel: [phone] [e-mail]

 

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