An update from Phunware (PHUN) is now available.
Phunware, Inc. has struck a deal with Canaccord Genuity LLC and other agents to potentially sell up to $120 million of its common stock over time. This arrangement allows for an “at the market offering” where the company can decide the amount and timing of stock sales, with no obligation to sell any specific number of shares. The agreement includes up to a 3% commission for the agents and customary legal protections. This move follows the company’s termination of a previous sales agreement with H.C. Wainwright & Co., which had a similar structure for selling up to $100 million in stock, with no significant penalties for ending the agreement early.
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