Phunware, Inc. (PHUN) announced on Wednesday that it has priced its public offering of 40 million shares of common stock at $0.25 per share, aiming to raise $10 million. Following the news, shares of Phunware fell 15%.
The company plans to use the proceeds to expand its product initiatives, including monetizing its patent portfolio, PhunCoin, and PhunToken.
Roth Capital Partners is the sole placement agent, and the offering is expected to close around February 9, 2024.
PHUN is trading on the Nasdaq at $0.33, down 15.26% or $0.06 per share. It has traded between $0.07 and $1.12 in the past 52-week period.
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