Phunware Announces Wind Down Of Lyte Technology's Operations To Reinforce Core Mission
Portfolio Pulse from Benzinga Newsdesk
Phunware, Inc. (NASDAQ:PHUN) has announced the immediate wind down of operations of its subsidiary gaming PC Manufacturer, Lyte Technology. The decision follows an extensive assessment of strategic alternatives and may be followed by the sale or disposition of remaining Lyte assets. The move is expected to reduce Phunware's cash burn by about $2MM annually.
November 01, 2023 | 10:05 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Phunware's decision to wind down Lyte Technology's operations could reduce its annual cash burn by $2MM, potentially improving its financial health.
The wind down of Lyte Technology's operations is expected to reduce Phunware's cash burn by about $2MM annually. This could potentially improve the company's financial health and make it more attractive to investors, leading to a potential increase in its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100