On January 16, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, announced a registered direct offering priced at-the-market under Nasdaq rules. The company entered into a securities purchase agreement with certain institutional investors for the sale of 40,000,000 shares of common stock and pre-funded warrants to purchase up to 47,500,000 shares, totaling approximately 87,500,000 securities. The common stock shares were sold at $0.08 each, and the pre-funded warrants at $0.079 each, with the warrants exercisable at $0.001. The gross proceeds from the offering are expected to be around $7 million, before deducting fees and expenses. The company has agreed to a 30-day lock-up period post-closing, during which it will not issue or announce any new common stock or...Show More

On January 16, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, announced a registered direct offering priced at-the-market under Nasdaq rules. The company entered into a securities purchase agreement with certain institutional investors for the sale of 40,000,000 shares of common stock and pre-funded warrants to purchase up to 47,500,000 shares, totaling approximately 87,500,000 securities. The common stock shares were sold at $0.08 each, and the pre-funded warrants at $0.079 each, with the warrants exercisable at $0.001. The gross proceeds from the offering are expected to be around $7 million, before deducting fees and expenses. The company has agreed to a 30-day lock-up period post-closing, during which it will not issue or announce any new common stock or equivalents, with certain exceptions. Directors and officers of Phunware are also subject to a similar 30-day lock-up. Investors in the offering have been granted participation rights in future equity offerings for six months post-closing. Phunware intends to use the net proceeds for working capital and general corporate purposes, including the expansion of product initiatives like PhunCoin and PhunToken. Roth Capital Partners acted as the exclusive placement agent for the offering. The offering is expected to close on or about January 18, 2024, subject to customary closing conditions.