Phunware enters $120M ATM equity distribution agreement with Canaccord, terminates prior Wainwright facility

Phunware, Inc.

New Equity Distribution Agreement with Canaccord Genuity allows sale of up to $120M in common stock via ATM.
Prior ATM agreement with H.C. Wainwright & Co. was terminated effective June 3, 2024.
Company amended Jan 2024 securities purchase agreement to exclude Canaccord facility from certain investor participation rights.
Agents will receive up to 3.0% commission on gross proceeds.
Canaccord distribution agreement can be terminated by either party on five days' notice.

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