Phunware (PHUN) Prices 11.1M Share Common Stock Offering at $2.25/each

Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or “the Company”) a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced the pricing of its previously announced underwritten public offering of 11,111,111 shares of its common stock at a price to the public of $2.25 per share. In addition, Phunware has granted the underwriters a 30-day option, solely to cover over-allotments, if any, to purchase up to 1,666,666 additional shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on February 17, 2021, subject to customary closing conditions.

Northland Securities Inc. and Roth Capital Partners are acting as joint book-running managers for the offering.

The gross proceeds to the Company from the public offering, before deducting underwriting discounts and offering expenses payable by the Company, are expected to be approximately $25 million, assuming the underwriters’ option is not exercised. Phunware intends to use the net proceeds from the public offering to satisfy obligations to redeem outstanding convertible debt and for working capital and general corporate purposes.

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