Phunware Inc (NASDAQ:PHUN) has announced that its public offering of about 46.7 million shares or pre-funded warrants in lieu will be priced at $0.06 per share for proceeds of $2.8 million before the deduction of agent’s fees and other offering expenses.
The funds will be used for working capital and other general corporate purposes, including the expansion of its product initiatives such as monetizing its patent portfolio, PhunCoin and PhunToken.
The company said it may also use the funding to pursue other strategic opportunities that may present themselves from time to time but that it is not pursuing any opportunities currently.
Roth Capital is acting as the sole placement agent for the offering on a reasonable best-efforts basis, it noted.
The offering is expected to close on or about December 11, 2023.
Phunware's mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware technologies, by leveraging brands, mobile consumers, partners and digital asset holders and market participants.
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