Phunware Inc Completes $10M Public Stock Offering

Phunware Inc (PHUN) has released an update to notify the public and investors about an entry into a material definitive agreement.

Phunware, Inc. successfully completed a public offering on February 9, 2024, issuing 40 million shares of common stock at $0.25 each, raising approximately $10 million before expenses. The company engaged in agreements to prevent further stock issuance or variable rate transactions for 31 days post-offering, with a similar lock-up period for company directors and officers regarding their stock. The net proceeds are earmarked for working capital, corporate expansion, including product initiatives, and potential strategic opportunities, though none are currently pending. Roth Capital Partners acted as the exclusive placement agent for the offering, receiving a 7% fee on gross proceeds plus legal expenses.

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For a comprehensive understanding of the announcement, you can read the full document here.