Phunware sets public offering at $0.25 per share

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Phunware sets public offering at $0.25 per share
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AUSTIN, Texas - Phunware, Inc. (NASDAQ:PHUN), a company specializing in patented Location Based Services and mobile enterprise cloud platforms, has announced the pricing of its public offering. The company is offering 40 million shares of common stock at $0.25 each, with the expectation to close the offering around February 9, 2024, subject to standard closing conditions.

The gross proceeds from the offering are projected to reach $10 million before accounting for fees and other expenses. Phunware aims to allocate the net proceeds towards working capital and general corporate purposes, which include product expansion efforts like monetizing its patent portfolio and developing PhunCoin and PhunToken.

Roth Capital Partners serves as the sole placement agent for the offering on a "reasonable best-efforts" basis. The shares on offer are part of a previously filed and effective shelf registration statement.

Phunware's mission is to leverage its technologies for unparalleled connectivity and monetization by engaging brands, mobile consumers, partners, and digital asset holders. With the introduction of Phunware 3.0, the company is looking to broaden its audience across software products and services, capitalize on its intellectual property, and revamp its digital asset ecosystem for both existing and new market participants.

This news article is based on a press release statement from Phunware, Inc.

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