Phunware announces public stock offering

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Phunware announces public stock offering
Credit: © Reuters.

AUSTIN, Texas - Phunware, Inc. (NASDAQ:PHUN), a company specializing in patented Location Based Services and mobile cloud solutions, has announced the launch of a public offering to sell shares of its common stock, with the option to issue pre-funded warrants as an alternative. This offering is being made in accordance with a previously filed and now effective shelf registration statement.

The completion of the offering is contingent on market conditions and other factors, and there is no guarantee of the offering's completion, size, or terms. Roth Capital Partners has been appointed as the sole placement agent for the offering on a reasonable best-efforts basis.

Phunware aims to utilize the net proceeds from this offering to support its working capital and general corporate needs. This includes funding for product initiatives such as monetizing its patent portfolio and its digital assets, PhunCoin and PhunToken. While the company has indicated it may consider strategic opportunities that arise, it currently has no pending transactions.

The offering's details were outlined in a registration statement filed with the Securities and Exchange Commission (SEC) on February 1, 2022, and declared effective by the SEC on February 9, 2022. Interested investors are advised to thoroughly review the preliminary prospectus supplement and accompanying documentation, as well as other relevant filings with the SEC, to gain a comprehensive understanding of Phunware and the offering.

Phunware's mission involves promoting widespread adoption of its technologies to achieve connectivity and monetization across various brands, mobile consumers, and digital asset market participants. The company is also focused on expanding its software products and services to new audiences and verticals, leveraging its patents and intellectual property, and reintroducing its digital asset ecosystem.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that jurisdiction.

The information in this article is based on a press release statement from Phunware, Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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