Why Phunware Shares Are Falling

Phunware Inc PHUN shares are trading lower after a company filing showed registration for a roughly $48.5 million share common stock shelf offering.

The SEC filing from Phunware states: "We have previously entered into an At Market Issuance Sales Agreement, or the Sales Agreement, with B. Riley Securities, Inc., or B. Riley, relating to the offer and sale of shares of our Common Stock, par value $0.0001 per share, offered by this prospectus supplement through or to B. Riley as our agent or principal."

"In accordance with the terms of the Sales Agreement, under this prospectus supplement we may offer and sell shares of our Common Stock having an aggregate offering price of up to $48,537,500," Phunware stated.

Phunware shares were trading higher last week, possibly in sympathy with Digital World Acquisition Corp DWAC, as traders circulated an article from May 2020 highlighting a partnership between Phunware and the former Trump campaign.

Phunware is a software company. It is a Multiscreen as a Service (MaaS) integrated enterprise software platform for mobile that provides companies with the products, solutions and data and services necessary to engage, manage and monetize its mobile application audiences.

Phunware has a 52-week high of $24.04 and a 52-week low of $0.60.