Summary by Futu AI
Phunware, Inc., a company incorporated in Delaware and listed on the NASDAQ Capital Market under the symbol PHUN, has entered into an Equity Distribution Agreement with Canaccord Genuity LLC and other agents on June 4, 2024. The agreement allows Phunware to offer and sell shares of its common stock, potentially raising up to $120 million. This at-the-market offering will be conducted under a previously filed shelf registration statement and prospectus. The company has the discretion to sell shares at varying times and amounts, with no obligation to sell any specific number of shares. Phunware may terminate the offering with five days' notice, and will pay the agents a commission of up to 3% of the gross proceeds from each sale. Additionally, Phunware has amended its Securities Purchase Agreement to exclude the new offering from certain participation rights. Concurrently, Phunware has terminated a previous Sales Agreement with H.C. Wainwright & Co., effective June 3, 2024, without incurring material penalties.