Summary by Moomoo AI
Phunware, a leading enterprise cloud platform for mobile, has announced a public offering of its common stock and pre-funded warrants to purchase additional shares of common stock. The offering is subject to market conditions and negotiations between Phunware, the placement agent, and potential investors. The pre-funded warrants, exercisable at $0.001 per share, provide an alternative for investors who would otherwise exceed ownership thresholds post-transaction. The offering is managed by Roth Capital Partners, acting as the exclusive placement agent. The proceeds are intended for working capital and general corporate purposes, including product initiatives like PhunCoin and PhunToken. The common stock is listed on the Nasdaq Capital Market under the symbol 'PHUN,' with the last reported sales price being $0.3958 per share. The offering is expected to close around February 2024, subject to customary closing conditions.