By Chris Wack

Phunware Inc. shares rose 10% to $3.89 after the company said it will begin processing initial issuances of PhunCoin.

The company said PhunCoin will be available for trading exclusively on Securitize, a blockchain-enabled transfer agent registered with the U.S. Securities and Exchange Commission.

Following initial distributions, Phunware will reserve 72% of the maximum available supply, which is 100 billion PhunCoin. One PhunCoin is currently valued at 0.8 cents.

PhunCoin is managed by PhunWallet, which is available on Apple App Store and Google Play.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 19, 2021 10:27 ET (15:27 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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