Phunware implements 1-for-50 reverse stock split to regain Nasdaq compliance

Phunware, Inc.

Reverse stock split ratio 1-for-50 effective 5:00 PM ET Feb 26, 2024; trading begins Feb 27.
Post-split shares outstanding approx. 8 million; no fractional shares, rounding up to whole share.
Purpose: increase market price to meet Nasdaq minimum bid continued listing requirement.
New CUSIP 71948P 209; par value unchanged at $0.0001; trading symbol remains PHUN.
Stockholders authorized split at Dec 20, 2023 annual meeting; Board set final ratio.

item 3.03 item 5.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Phunware, Inc.: Approved a one-for-fifty reverse stock split of common stock via amendment to Certificate of Incorporation (effective 2024-02-26).

Change: charter amendment
Effective: 2024-02-26

Exact text from the filing

On February 23, 2024, Phunware, Inc. (the “Company”) filed a Certificate of Amendment (the “Amendment”) to the Company’s Certificate of Incorporation with the Delaware Secretary of State to effect a reverse stock split of the Company’s common stock at a ratio of one-for-fifty (the “Reverse Stock Split”) , effective at 5:00 p.m. Eastern Time on February 26, 2024 (the “Effective Time”).

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Source: SEC EDGAR

accession 0001628280-24-007571

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