Phunware Announces Pricing Of $2.8M Public Offering Of ~46.7M Shares Of Common Stock At A Price Of $0.06/Share
Portfolio Pulse from Benzinga Newsdesk
Phunware, Inc. (NASDAQ:PHUN) has announced the pricing of its public offering at $0.06 per share, expecting to raise approximately $2.8 million through the sale of around 46.7 million shares. The offering is scheduled to close on December 11, 2023, with Roth Capital Partners as the sole placement agent. The proceeds are intended for working capital, general corporate purposes, and product initiatives like monetizing its patent portfolio and its digital currencies, PhunCoin and PhunToken.
December 07, 2023 | 2:53 pm
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Phunware is raising $2.8M through a public offering of 46.7M shares at $0.06 each. The capital will support working capital, general corporate purposes, and product initiatives.
The pricing of the public offering at $0.06 per share is likely to have a dilutive effect on existing shares, which can lead to a short-term negative impact on the stock price. The capital raised is significant for the company's operations and product development, but the immediate effect of dilution typically outweighs the potential long-term benefits in the short term.
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