Phunware Inc (NASDAQ:PHUN) has successfully closed its public offering of approximately 46.7 million shares of common stock at $0.06 per share, generating gross proceeds of around $2.8 million. Roth Capital Partners acted as the sole placement agent for the offering.
The net proceeds will be utilized for working capital, general corporate purposes, and furthering product initiatives, including the monetization of its patent portfolio, PhunCoin, and PhunToken. While strategic opportunities may be considered, none are pending at present.