Phunware Inc (PHUN) has released an update to notify the public and investors about the unregistered sales of equity securities.
Phunware, Inc. successfully navigated financial restructuring by amending a promissory note with Streeterville Capital, requiring monthly payments and granting conversion rights. Streeterville utilized these rights, converting parts of the debt into millions of common stock shares, with the final conversion on February 5, 2024, settling the note in full. These strategic financial maneuvers were executed under a private placement exempt from the Securities Act’s registration, highlighting a savvy approach to corporate finance management.
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For a comprehensive understanding of the announcement, you can read the full document here.
