IPOS - Phunware Announces Pricing of $10.0 Million Public Offering | Benzinga
AUSTIN, Texas, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ:PHUN, "Phunware")), the pioneer of patented Location Based SaaS solutions and other products that offer the only fully integrated enterprise cloud platform for mobile that enables brands to engage, manage and monetize anyone anywhere, today announced the pricing of its public offering of 40.0 million shares of common stock at a price of $0.25 per share. All of the shares of common stock were offered by Phunware pursuant to an effective shelf registration statement on Form S-3 (File No. 333-262461) (the "Registration Statement").
Roth Capital Partners is acting as sole placement agent for the offering on a reasonable best-efforts basis. The offering is expected to close on or about February 9, 2024, subject to the satisfaction of customary closing conditions.
The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses payable by Phunware, are expected to be $10.0 million. Phunware intends to use the net proceeds from the sale of shares of common stock for working capital and other general corporate purposes, including expansion of its product initiatives, such as monetizing its patent portfolio, PhunCoin and PhunToken. Phunware may also fund strategic opportunities that may present themselves from time to time but does not have any pending opportunities at this time.
The Registration Statement relating to, among other things, the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the "SEC") on February 1, 2022, and declared effective by the SEC on February 9, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there ...