Summary by Futu AI
On January 16, 2024, Phunware, Inc., a Delaware-based company specializing in Location Based SaaS solutions, announced a registered direct offering priced at-the-market under Nasdaq rules. The company entered into a securities purchase agreement with certain institutional investors for the sale of 40,000,000 shares of common stock and pre-funded warrants to purchase up to 47,500,000 shares, totaling approximately 87,500,000 securities. The common stock shares were sold at $0.08 each, and the pre-funded warrants at $0.079 each, with the warrants exercisable at $0.001. The gross proceeds from the offering are expected to be around $7 million, before deducting fees and expenses. The company has agreed to a 30-day lock-up period post-closing, during which it will not issue or announce any new common stock or...Show More