What's Going On With Phunware Shares After Donald Trump Wins In Multiple Republican Caucuses?

Phunware, Inc. PHUN shares are trading higher in the premarket session on Tuesday.

The shares of the software firm, which lost over 70% in the last one year, ended yesterday’s run on the bourses with a whopping 75% jump.

Yesterday, the company said it would release its financial results for the fourth quarter and full year ended December 31, 2023, on Tuesday, March 12, 2024.

Amid market turbulence surrounding Donald Trump-related stocks after his wins in multiple Republican caucuses, Phunware, the firm contracted by Trump’s 2020 re-election campaign to develop a mobile app, according to an AP News report, is experiencing positive performance on the stock market.

Also, the U.S. Supreme Court ruled that Colorado cannot remove Trump from the Republican primary ballot in the state.

Last month, the company grabbed investors’ attention after announcing a 1-for-50 reverse stock split of its issued and outstanding common stock, par value $0.0001 per share. 

As a result of the reverse stock split, every 50 shares of common stock issued and outstanding as of the effective date will be automatically combined into one share of common stock. 

On February 7, Phunware announced the pricing of its public offering of 40.0 million shares of common stock at a price of $0.25 per share.

The company also entered into a multi-year partnership with Escapades Memphrémagog, part of PAL+, creator of original touristic experiences in the Eastern Townships of Quebec.

Price Action: PHUN shares are trading higher by 25.95% to $15.63 premarket on the last check Tuesday.

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