Summary by Moomoo AI
Phunware, Inc. (Phunware), a fully integrated enterprise cloud platform for mobile, announced a public offering of 40,000,000 shares of its common stock at a price of $0.25 per share. The offering is expected to generate gross proceeds of approximately $10 million. Phunware's common stock is traded on the Nasdaq Capital Market under the ticker symbol 'PHUN.' The offering is being managed by Roth Capital Partners, acting as the exclusive placement agent. The placement agent has agreed to use reasonable best efforts to solicit offers to purchase the securities in this offering. The offering is expected to close on or about February 9, 2024. Phunware intends to use the net proceeds from the offering for working capital and general corporate purposes, including expansion of product initiatives such as monetizing its patent portfolio, PhunCoin, and PhunToken. The company has also agreed to pay the placement agent a fee of 7.0% of the aggregate purchase price paid by investors in this offering, along with reimbursement for certain expenses related to the offering.