Phunware Announces Purchase Agreement for up to $30 Million

AUSTIN, Texas, Aug. 24, 2023 (GLOBE NEWSWIRE) — 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.”