Phunware, a fully integrated software platform provider, has undergone significant business developments and financial activities in 2024. The company terminated a common stock purchase agreement with Lincoln Park, effective October 25, 2024, after not selling any shares during the nine months ended September 30, 2024. Phunware also completed a series of offerings in the first quarter of 2024, selling 2,696,000 shares of common stock and issuing pre-funded warrants for 974,000 shares, resulting in aggregate gross proceeds of $22,600 with transaction costs of approximately $1,880. All pre-funded warrants were exercised. Additionally, Phunware's board authorized a stock repurchase program for up to $5 million, with repurchases made at market prices. In 2023, the company repurchased 10,130 shares for $502. Key executive changes include the resignation of CEO Michael Snavely and the appointment of...Show More

Phunware, a fully integrated software platform provider, has undergone significant business developments and financial activities in 2024. The company terminated a common stock purchase agreement with Lincoln Park, effective October 25, 2024, after not selling any shares during the nine months ended September 30, 2024. Phunware also completed a series of offerings in the first quarter of 2024, selling 2,696,000 shares of common stock and issuing pre-funded warrants for 974,000 shares, resulting in aggregate gross proceeds of $22,600 with transaction costs of approximately $1,880. All pre-funded warrants were exercised. Additionally, Phunware's board authorized a stock repurchase program for up to $5 million, with repurchases made at market prices. In 2023, the company repurchased 10,130 shares for $502. Key executive changes include the resignation of CEO Michael Snavely and the appointment of Stephen Chen as Interim CEO. CFO Troy Reisner also announced his departure. Phunware's future plans involve the development of a new AI-driven software development platform aimed at democratizing access to mobile application creation for businesses of all sizes. The company expects to continue investing in global marketing, sales, and product and service development, although it does not anticipate profitability in the near future. Financially, Phunware has increased its at-the-market facility to an aggregate offering price of approximately $171.5 million and sold additional shares for gross proceeds of approximately $81.1 million. As of September 30, 2024, the company had total cash of $35.5 million and believes it has sufficient cash for at least one year from the filing date of the report.