Tern PLC (AIM:TERN), the AIM-listed Internet of Things (IoT) investment company, saw its shares jump 38% to 0.68p after raising just £406,000 from existing shareholders.
The oddity of the movement is underscored by the uptake. Investors were invited to buy new shares at a fixed price, but only 63% took up the opportunity, leaving 39.60 million of the 107.27 million shares on offer unclaimed.
A total of 67.67 million new shares were subscribed for, with dealings expected to begin on AIM on 11 May, subject to shareholder approval at a general meeting held today.
The fundraising is modest, even by small-cap standards, and represents a limited cash injection that will do little to significantly alter the company's financial position.
Tern focuses on building value in early-stage IoT businesses, a sector spanning connected devices and industrial automation, but has struggled to translate that strategy into consistent returns for investors.