Phunware Announces Purchase Agreement for up to $30 Million with Lincoln Park Capital Fund
24 Août 2023 - 10:05PM
Phunware, Inc. (NASDAQ: PHUN) (the “Company”), the pioneer of
Location Based SaaS that offers the only fully integrated
enterprise cloud platform for mobile that enables brands to engage,
manage and monetize anyone anywhere, has entered into a purchase
agreement for a committed equity facility with Lincoln Park Capital
Fund, LLC (“LPC”), a Chicago-based institutional investor.
Russ Buyse, Chief Executive Officer of Phunware, commented, "We
are excited about the future of the Company, and this financing
agreement provides us the flexibility to further commercialize our
industry-leading platform, while giving us the best chance to limit
dilution before realizing important strategic milestones that we
believe will maximize shareholder value.”
Under the purchase agreement, Phunware will have the right, but
not the obligation, to sell up to $30.0 million of its common stock
to LPC over a 24-month period subject to the terms and conditions
of the agreement. Phunware will control the timing and amount of
any sales to LPC with no upper limits to the price LPC may pay to
purchase such common stock. The purchase agreement may be
terminated by Phunware at any time, in its sole discretion, without
any additional cost or penalty.
"This agreement allows us to be opportunistic with our capital
strategy, and our shelf registration statement provides the
potential for additional financing alternatives as we consider
what’s best for shareholders," stated Troy Reisner, Phunware’s
Chief Financial Officer. “Given the ongoing market uncertainty, we
believe this kind of optionality is critical and we are excited to
enter into this agreement with Lincoln Park Capital as part of
Phunware’s long-term growth strategy.”
A description of the purchase agreement is set forth in the
Company's Current Report on Form 8-K, which the Company filed with
the SEC on Wednesday, August 23, 2023.
Safe Harbor Clause and Forward-Looking
Statements
This press release includes forward-looking statements. All
statements other than statements of historical facts contained in
this press release, including statements regarding our future
results of operations and financial position, business strategy and
plans, and our objectives for future operations, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “expose,” “intend,”
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“predict,” “project,” “should,” “will,” “would” and similar
expressions that convey uncertainty of future events or outcomes
are intended to identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking.
The forward-looking statements contained in this press release
are based on our current expectations and beliefs concerning future
developments and their potential effects on us. Future developments
affecting us may not be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) and other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those factors described under the heading “Risk
Factors” in our filings with the Securities and Exchange Commission
(SEC), including our reports on Forms 10-K, 10-Q, 8-K and other
filings that we make with the SEC from time to time. Should one or
more of these risks or uncertainties materialize, or should any of
our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. These risks and others described under
“Risk Factors” in our SEC filings may not be exhaustive.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We caution
you that forward-looking statements are not guarantees of future
performance and that our actual results of operations, financial
condition and liquidity, and developments in the industry in which
we operate may differ materially from those made in or suggested by
the forward-looking statements contained in this press release. In
addition, even if our results or operations, financial condition
and liquidity, and developments in the industry in which we operate
are consistent with the forward-looking statements contained in
this press release, those results or developments may not be
indicative of results or developments in subsequent periods.
About Phunware, Inc.
Everything You Need to Succeed on Mobile — Transforming Digital
Human Experience
Phunware, Inc. (NASDAQ: PHUN), the pioneer of Location Based
SaaS that offers the only fully integrated enterprise cloud
platform for mobile that enables brands to engage, manage and
monetize anyone anywhere. Phunware’s Software Development Kits
(SDKs) include location-based services, mobile engagement, content
management, messaging, advertising, loyalty (PhunCoin &
PhunToken) and analytics, as well as a mobile application framework
of pre-integrated iOS and Android software modules for building
in-house or channel-based mobile application and vertical
solutions. Phunware helps the world’s most respected brands create
category-defining mobile experiences, with approximately one
billion active devices touching its platform each month when
operating at scale. For more information about how Phunware is
transforming the way consumers and brands interact with mobile in
the virtual and physical worlds, visit https://phunware.com and
follow @phunware on all social media
platforms.
Phunware PR & Media Inquiries:
Email: PRESS@phunware.com Phone: (512) 693-4199
Phunware Investor Relations:Matt Glover and
John YiGateway Investor RelationsEmail: PHUN@gatewayir.com Phone:
(949) 574-3860
Phunware (NASDAQ:PHUN)
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