Phunware raises ~$5.6M in registered direct offering of ~56M shares at $0.10/share

Phunware, Inc.

Gross proceeds ~$5.6M from sale of 54.8M shares and 1.2M pre-funded warrants at $0.10 per share.
Directors and officers subject to 45-day lock-up from closing; investors granted 9-month participation right.
Net proceeds for working capital and product initiatives including PhunCoin and PhunToken.
Roth Capital Partners acted as sole placement agent with 7% cash fee and up to $60,000 in expenses.
Offering expected to close on or about January 23, 2024, subject to customary closing conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Phunware, Inc. entered into Purchase Agreement with certain institutional investors valued at $5.6 million (effective 2024-01-18).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: $5.6 million
Effective: 2024-01-18

Exact text from the filing

On January 18, 2024, Phunware, Inc. (the "Company”), entered into a definitive securities purchase agreement (the “Purchase Agreement”) with certain institutional investors for the purchase and sale of an aggregate of 54,800,000 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) and pre-funded warrants to purchase up to 1,200,000 shares of Common Stock (the “Pre-Funded Warrants”), in a registered direct offering (the “Offering”).

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Phunware, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-001968

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