In a recent development, Phunware Inc, a trailblazer in patented Location-Based SaaS solutions and a provider of fully integrated enterprise cloud platforms for mobile engagement, has witnessed a decline in its stock value.
At the time of this publication, Phunware Inc stock (PHUN) has witnessed a surge.
Phunware Inc
Current Price: $0.24
Change : +0.08
Change (%): (50.12%)
Volume: 566.8M
Source: Tomorrow Events Market Data
This downturn follows the company’s announcement of entering into a definitive agreement for the issuance and sale of approximately 87,500,000 million shares of common stock at a price of $0.08 per share, utilizing the at-the-market approach under Nasdaq rules. All the offered common stock shares have been put forth by Phunware, following an effective shelf registration statement on Form S-3.
Roth Capital Partners has taken on the role of the sole placement agent for this offering, working on a reasonable best-efforts basis. The anticipated closing date for the offering is on or about January 18, 2024, contingent upon meeting customary closing conditions.
The gross proceeds from this offering, expected to be around $7.0 million before accounting for the placement agent’s fees and other expenses, will be utilized by Phunware for working capital and general corporate purposes. The company’s plans include expanding its product initiatives, particularly focusing on monetizing its patent portfolio, PhunCoin, and PhunToken. While Phunware may also consider funding strategic opportunities that may arise, there are currently no pending opportunities on the horizon.
The Registration Statement, encompassing details about the common stock, pre-funded warrants, and the common stock underlying the pre-funded warrants proposed in the offering, was filed with the Securities and Exchange Commission (SEC) on February 1, 2022. The SEC declared the statement effective on February 9, 2022.
In terms of stock performance, Phunware Inc. has experienced significant fluctuations in recent periods. Over the last 5 days, the stock exhibited a remarkable increase of 229.79%. Looking at a broader timeline, the stock demonstrated a remarkable 210.00% surge in the past month and a solid 37.70% growth over the last 3 months. However, the year-to-date (YTD) performance stands at an impressive 202.44% increase. Despite these positive trends, the company faced a downturn in its stock value over the last year, showing a notable decline of 74.75%.
Investors and stakeholders are closely monitoring these developments, anticipating the impact of the offering on Phunware’s future initiatives and market standing. As the company continues to navigate the dynamic landscape of mobile engagement solutions, the outcome of this offering will likely shape its trajectory in the coming months.
