Phunware prices $5.6M registered direct offering

Phunware has entered into a definitive agreement for the issuance and sale of approximately 56,000,000 million shares of common stock at a price of $0.10 per share. All of the shares of common stock have been offered by Phunware pursuant to an effective shelf registration statement on Form S-3. Roth Capital Partners is acting as sole placement agent for the offering on a reasonable best-efforts basis. The offering is expected to close on or about January 23, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $5.6 million. Phunware intends to use the net proceeds from the sale of shares of common stock for working capital and other general corporate purposes, including expansion of its product initiatives, such as monetizing its patent portfolio, PhunCoin and PhunToken. Phunware may also fund strategic opportunities that may present themselves from time to time but does not have any pending opportunities at this time.