Why Phunware Shares Are Soaring Today

Phunware Inc PHUN is surging on abnormally high volume Friday in sympathy with Digital World Acquisition Corp DWAC as traders circulate an article from May 2020 highlighting a partnership between Phunware and the former Trump campaign.

According to the USA Today article, Phunware announced a partnership with American Made Media Consultants for "the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio for Apple iOS and Google Android smartphones."

Digital World Acquisition Corp soared following the announcement that the SPAC will merge with Trump Media & Technology Group.

Trump Media & Technology Group said it plans to launch a new social network called TRUTH Social.

Related Link: Making SPACs Great Again? Trump Stock DWAC Surges 356%, Shines Attention On Out-Of-Favor Sector

The USA Today article has sparked speculation that Phunware could be involved with the development of the new social network.

Phunware's average session volume is 3.235 million over a 100-day period. Friday's trading volume was already approaching 100 million at publication time, according to data from Benzinga Pro.

Phunware operates a 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.

PHUN Price Action: Phunware is making new 52-week highs on Friday.

The stock was up 355.60% at $6.98 at time of publication.

Photo: courtesy of Phunware.