On February 9, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, successfully completed a registered public offering of 40 million shares of common stock at $0.25 per share, resulting in gross proceeds of approximately $10 million. The offering was conducted under a shelf registration statement filed with the SEC on February 1, 2022, and declared effective on February 9, 2022. Prior to the offering, on February 7, 2024, Phunware entered into securities purchase agreements with certain institutional investors and agreed to a 31-day lock-up period during which the company and certain directors and officers will not issue or dispose of any shares or securities convertible into common stock, with some exceptions. Roth Capital Partners served as the exclusive placement agent for the offering, receiving a...Show More

On February 9, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, successfully completed a registered public offering of 40 million shares of common stock at $0.25 per share, resulting in gross proceeds of approximately $10 million. The offering was conducted under a shelf registration statement filed with the SEC on February 1, 2022, and declared effective on February 9, 2022. Prior to the offering, on February 7, 2024, Phunware entered into securities purchase agreements with certain institutional investors and agreed to a 31-day lock-up period during which the company and certain directors and officers will not issue or dispose of any shares or securities convertible into common stock, with some exceptions. Roth Capital Partners served as the exclusive placement agent for the offering, receiving a 7% cash fee of the gross proceeds and up to $60,000 for legal fees and expenses. The net proceeds from the offering are intended for working capital, general corporate purposes, and the expansion of product initiatives such as monetizing Phunware's patent portfolio, PhunCoin, and PhunToken. The company does not have any pending strategic opportunities at this time. The terms of the offering were detailed in the Purchase Agreements and Placement Agency Agreement, which are referenced in full in the attached exhibits of the SEC filing.