PhunwareNASDAQ: PHUN

*This release is a revised version of the announcement distributed at 8:30am EDT on June 04, 2024 by Phunware, Inc.* AUSTIN, Texas, June 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (Nasdaq: PHUN, “Phunware” or the “Company”) today announced that it has filed a prospectus supplement to its existing shelf registration statement on Form S-3 (File No. 333-262461) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), under which it may offer and sell shares of its common stock having an aggregate offering price of up to $120 million from time to time through an “at-the-market” (“ATM”) equity offering program.

Phunware Inc (NASDAQ:PHUN) has arranged with Canaccord Genuity (TSX:CF, LSE:CF) and other agents to sell shares of its common stock, potentially raising up to $120 million in gross proceeds. The company plans to use this capital to further its goals of expanding its technology offerings, reaching more customers, and monetizing its intellectual property rights.

AUSTIN, Texas, June 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (Nasdaq: PHUN, “Phunware”), the leading provider of patented wayfinding and mobile engagement solutions that enables brands to engage, manage and monetize anyone anywhere, today announced that it has entered into an Equity Distribution Agreement with Canaccord Genuity LLC, as representative of the several agents named on Schedule 1 thereto, pursuant to which Phunware may offer and sell, from time to time, shares of its common stock, for aggregate gross proceeds of up to $120,000,000, through the agents by methods deemed to be an “at the market offering.” All of the shares of common stock are being offered by Phunware pursuant to an existing effective shelf registration statement on Form S-3 (File No. 333-262461) (the “Registration Statement”) and no additional capacity is being added to the existing universal shelf.

The intense selling pressure for Phunware (PHUN) appears to have eased as it is now considered oversold. Along with this technical indicator, the consensus among Wall Street analysts raising earnings forecasts suggests the stock is ready for a turnaround.

The mean of analysts' price targets for Phunware (PHUN) points to a 71.7% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.

Phunware (PHUN) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.

Phunware, Inc. (PHUN) Q4 2023 Earnings Call Transcript

Phunware Inc (NASDAQ:PHUN) has reported its financial results for the year ended December 31, 2023, with management highlighting improvements to the company's balance sheet in preparation for its growth initiatives. “Our company today is dramatically stronger than the one we talked about in November,” Phunware CEO Mike Snavely said in a statement accompanying the company's results.

Social media company Phunware (NASDAQ: PHUN ) is up over 25% in pre-market trading as Donald Trump looked set to dominate the primaries on Super Tuesday. PHUN stock is up over 75% since yesterday's close.