Phunware secures $30M equity line from Lincoln Park Capital, issues 1.36M commitment shares

Phunware, Inc.

Up to $30M of common stock may be sold to Lincoln Park over 24 months at Company's discretion.
Initial commitment fee of 1,360,503 shares issued; additional 680,252 shares possible pro rata as draws occur.
Regular purchase limit up to 650,000 shares per day (depending on stock price); Accelerated purchases at 96% of VWAP.
Exchange Cap of 24,246,099 shares (19.99% of outstanding) unless stockholder approval or average price condition met.
Proceeds to be used for working capital and general corporate purposes; floor price $0.10 per share.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Phunware, Inc. entered into Purchase Agreement with Lincoln Park Capital Fund, LLC valued at $30,000,000 (effective 2023-08-22).

Action: entry
Agreement: equity purchase
Counterparty: Lincoln Park Capital Fund, LLC
Value: $30,000,000
Effective: 2023-08-22

Exact text from the filing

On August 22, 2023, Phunware, Inc. (the “Company”) entered into a common stock Purchase Agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), which provides that

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Phunware, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-030429

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