Reported Monday October 28, 2024, Phunware Announced Termination Of $30M Purchase Agreement With Lincoln Park; Sold 164K Shares, $978K Proceeds; Effective October 25, 2024
Portfolio Pulse from Benzinga Newsdesk
Phunware, Inc. has terminated its $30 million purchase agreement with Lincoln Park Capital Fund, effective October 25, 2024. The company sold 164,106 shares, generating $978,000 in proceeds.
October 29, 2024 | 4:20 pm
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Phunware terminated its $30M purchase agreement with Lincoln Park, having sold 164,106 shares for $978,000. This decision may impact the company's stock price and future capital-raising strategies.
The termination of the purchase agreement with Lincoln Park suggests a change in Phunware's capital-raising strategy, which could lead to uncertainty among investors. The sale of shares and the termination might be perceived negatively, potentially impacting the stock price in the short term.
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