Phunware Inc (NASDAQ:PHUN) has detailed plans to raise US$10 million through a public offering to fuel expansion and product initiatives.
Funds will be raised through the issue of 40 million shares of common stock, priced at US$0.25 each, the software and blockchain company said on Wednesday.
These proceeds will be used in the expansion of product initiatives, Phunware added, “such as monetizing its patent portfolio, PhunCoin and PhunToken,” as well as for corporate purposes and working capital.
“Phunware may also fund strategic opportunities that may present themselves from time to time,” the group said, though none are currently in the pipeline.
Phunware offers patented location-based software as a service solutions, alongside a mobile enterprise cloud platform for the likes of advertising and marketing purposes.
The offering is expected to close on or around February 9 based on the satisfaction of customary closing conditions, with Roth Capital Partners acting as the sole placement agent.