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Phunware, Inc. (NASDAQ:PHUN) shares are trading lower on Tuesday after the company announced a multi-million dollar offering.
The company has entered into an equity distribution agreement with Canaccord Genuity LLC, as representative of the several agents.
Pursuant to the development, the company may offer and sell, from time to time, shares of common stock, par value $0.0001 per share, for aggregate gross proceeds of up to $120 million.
“To clarify, we are not adding incremental overhang to our original $200 million universal shelf,” said Mike Snavely, CEO of Phunware.
“Alternatively, we are terminating our prior sales distribution agreement, and adding Canaccord Genuity, Roth MKM, and Benchmark Company as additional investment banks into this upgraded program. We now have a total of three new investment banks as part of this revitalized ATM strategy, providing us with additional flexibility.”
Phunware has ties to Donald Trump dating back to 2020 when the company announced that it was working on the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign's mobile application portfolio.
According to Benzinga Pro, PHUN stock has lost over 80% in the past year.
In April, the company disclosed the renewal or extension of several healthcare and hospitality customer contracts.
These renewals underscore the value customers are receiving from Phunware’s mobile solutions to enhance the visitor experience for hospital patients and hotel guests.
The Phunware-powered hospitality app generates six figures plus annual ancillary guest revenue for a typical customer, the company said in a press release in April.
Price Action: PHUN shares are trading lower by 10.1% to $5.70 at last check Tuesday.
Posted In: PHUN
