Phunware Inc (NASDAQ:PHUN) has revealed its plans for a stock offering to generate up to $7 million to help monetize its patent portfolio.
The company, a leading provider of location based SaaS solutions, said it will issue and sell approximately 87,500,000 shares of common stock at $0.08 per share, following a definitive agreement.
The offering, conducted at-the-market under Nasdaq rules, is facilitated by Roth Capital Partners, acting as the sole placement agent on a reasonable best-efforts basis.
Gross proceeds, estimated at $7.0 million before deducting fees and expenses, will be directed towards working capital and general corporate purposes.
Phunware aims to utilize the funds for expanding its product initiatives, including the monetization of its patent portfolio, as well as supporting PhunCoin and PhunToken.
The closing of the offering is anticipated on or about January 18, 2024.