Phunware Inc (NASDAQ:PHUN) announced that it has entered into a definitive agreement for the issuance and sale of approximately 56 million of its shares for $0.10 each.
Gross proceeds of the offering are expected to be $5.6 million which 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 offering is expected to close on or about January 23, 2024.