Summary by Moomoo AI
Phunware, Inc., a company listed on the NASDAQ Capital Market under the trading symbol PHUN, has fully settled its 2022 Promissory Note as of February 5, 2024. The note, originally issued to Streeterville Capital, LLC with a principal amount of $12,808,672, was part of a private placement agreement dated July 6, 2022. An amendment to the note on August 14, 2023, required monthly amortization payments of at least $800,000. Additionally, Streeterville was granted limited rights to convert the note into common stock under certain conditions. Conversions took place on November 13 and 22, 2023, and January 23, 2024, with the final conversion on February 5, 2024, resulting in the issuance of 5,611,155 shares of common stock and the note being paid in full. The transactions were conducted under an exemption from the registration requirements of the Securities Act of 1933.