Summary by Moomoo AI
Phunware, Inc., a pioneer in Location Based SaaS solutions, announced the implementation of a 1-for-50 reverse stock split of its common stock, effective 5 PM Eastern Time on February 26, 2024. The reverse stock split is intended to increase the market price per share to regain compliance with the Nasdaq Capital Market's minimum bid continued listing requirement. The company's common stock will begin trading on a post-split adjusted basis on February 27, 2024, under the existing trading symbol 'PHUN'. The par value and rights of the common stock will remain unchanged, and the number of authorized shares will not be altered. Stockholders will not receive fractional shares; instead, they will be rounded up to the nearest whole share. The reverse stock split was approved by the Board following authorization from the stockholders at the annual meeting on December 20, 2023. Post-split, Phunware will have approximately 8 million shares of common stock issued and outstanding. The company's transfer agent, Continental Stock Transfer & Trust Company, will act as the exchange agent for the reverse stock split.