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Phunware | 8-K: Entry into a Definitive Securities Purchase Agreement

SEC announcement ·  Jan 23 00:00
Summary by Moomoo AI
On January 18, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, announced the entry into a securities purchase agreement with certain institutional investors. The agreement involves the sale of 54,800,000 shares of common stock and pre-funded warrants to purchase an additional 1,200,000 shares, in a registered direct offering. The shares and pre-funded warrants were priced at $0.10 and $0.099 each, respectively. The company has agreed to a 45-day lock-up period post-offering, 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 lock-up agreement. Investors in the offering have been granted a right of participation in future equity offerings...Show More
On January 18, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, announced the entry into a securities purchase agreement with certain institutional investors. The agreement involves the sale of 54,800,000 shares of common stock and pre-funded warrants to purchase an additional 1,200,000 shares, in a registered direct offering. The shares and pre-funded warrants were priced at $0.10 and $0.099 each, respectively. The company has agreed to a 45-day lock-up period post-offering, 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 lock-up agreement. Investors in the offering have been granted a right of participation in future equity offerings for a period of 9 months. The gross proceeds from the offering are approximately $5.6 million, before fees and expenses. Phunware intends to use the net proceeds for working capital, general corporate purposes, and to fund product initiatives such as monetizing its patent portfolio and digital assets like PhunCoin and PhunToken. The offering is expected to close on January 23, 2024, subject to customary closing conditions. Roth Capital Partners acted as the exclusive placement agent for the offering. The offering was made under an effective shelf registration statement filed with the SEC on February 1, 2022, and declared effective on February 9, 2022.

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