Summary by Futu AI
Phunware, a leading enterprise cloud platform for mobile, has entered into an Equity Distribution Agreement to offer and sell up to $120 million of its common stock. The sales will be conducted through Canaccord Genuity LLC, acting as the sales agent, along with Roth Capital Partners, LLC and The Benchmark Company, LLC. The common stock will be offered through an 'at the market offering' as defined by Rule 415 under the Securities Act of 1933, allowing sales directly on Nasdaq or other existing trading markets for the stock. The Agents will use commercially reasonable efforts to sell the stock, with no obligation to sell any specific amount. The compensation for the Agents is set at a commission of up to 3.0% of the aggregate gross proceeds. The net proceeds from the sales will depend on the actual number of shares sold and the offering price. The last reported sales price of Phunware's Common Stock on Nasdaq on May 31, 2024, was $6.49 per share. The offering is detailed in a prospectus supplement dated June 4, 2024.