What's Going On With Trump-Linked Phunware Stock Today?

Phunware Inc PHUN shares are trading lower Wednesday after the company announced a proposed public offering.

What Happened: Phunware launched a $10 million public offering on Wednesday. The company said it plans to offer and sell 40 million shares of its common stock at a price of 25 cents per share. All of the shares are being offered by Phunware.

Gross proceeds are expected to total $10 million. Phunware said it plans to use any net proceeds for working capital and other general corporate purposes, including expansion of its product initiatives, such as monetizing its patent portfolio, PhunCoin and PhunToken. 

The company also said it may fund strategic opportunities from time to time but noted that it does not have any pending opportunities currently.

The news comes as Phunware shares have rallied more than 375% year-to-date driven by increased optimism surrounding a potential return to the White House for former President Donald Trump.

Phunware has ties to Trump dating back to 2020 when the company announced that it was working on the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign's mobile application portfolio.

See Also: Former Trump Challenger Chris Christie Not Ruling Out Running As An Independent: ‘Would Need To See A Path To 270′

PHUN Price Action: Phunware shares were down 16.6% at $0.3299 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.