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AUSTIN, Texas, February 23, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (Nasdaq: PHUN, “Phunware” or the “Company”) provides patented location-based SaaS solutions and other products. is the pioneer and the only fully featured. The unified enterprise cloud platform for mobile, which enables brands to engage, manage and monetize with anyone, anywhere, announced today, February 26, 2024, for 50 common shares outstanding, par value. announced that it would implement a 1-for-1 stock consolidation. $0.0001 per share. The reverse stock split will become effective at 5:00 p.m. Eastern Time on February 26, 2024, and the Company’s common stock will be traded on a post-split adjusted basis under its existing trading symbol at the start of trading on February 27, 2024. will be traded. “Hun” The CUSIP number of our common stock after the reverse stock split will be 71948P 209.
The Board of Directors of the Company (the “Board”) has approved the implementation of the reverse stock split following the approval granted by the Company’s stockholders at the annual general meeting held on December 20, 2023, pursuant to which the Company’s stockholders are approved the proposal to grant the reverse stock split to the Board of Directors. We have the discretion to reverse stock splits at a ratio of 10 to 1 (1:10) or more and 50 to 1 (1:50) or less, and the ratio will be determined by the Board of Directors. The reverse stock split is intended to increase the market price per share of our common stock in order to regain compliance with the minimum bid continued listing requirements of the Nasdaq Capital Market. All outstanding securities, including stock options and stock acquisition rights, which entitle the holder to purchase or acquire shares of our common stock, will be adjusted as a result of the reverse stock split, as required by the terms of such securities. Masu.
As a result of the reverse stock split, 50 shares of common stock outstanding as of the effective date will automatically become 1 share of common stock. Fractional shares will not be issued as a result of the reverse stock split. Stockholders of record who are entitled to receive fractional shares are automatically entitled to round up their fractional shares to the nearest whole share. The reverse stock split does not change the par value of the common stock or change the rights or preferences of the common stock. Immediately after the reverse stock split becomes effective, the Company’s outstanding common stock will be approximately 8 million shares. A reverse stock split affects all shareholders uniformly, and the percentage of a shareholder’s interest in the Company’s shares will not change, unless some shareholders own fractional shares as a result of the reverse stock split as described above. Our transfer agent, Continental Stock Transfer & Trust Company, is acting as the exchange agent and transfer agent for the reverse stock split. Shareholders who hold their shares in a transfer account or securities account do not need to take any action regarding the reverse stock split. Beneficiaries are encouraged to contact their bank, broker or custodian if they have any questions regarding the process.
about fanware
Phunware’s mission is to leverage brands, mobile consumers, partners, digital asset owners and market participants to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware technology. With the recent activation of the Phunware 3.0 initiative, Phunware is expanding the audience and verticals of its software products and services, monetizing patents and other intellectual property rights and interests, and increasing the availability of digital assets for existing owners. We believe we are poised to update and reintroduce the ecosystem. and new market participants.
safety port / positive statement
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release, including statements regarding the Company’s future results of operations and financial condition, business strategies and plans, and future business objectives, are forward-looking statements. “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “reveal”, “intend”, “may”, “might” , “opportunity”, “plan”, “could”, “could”, “anticipate”, “anticipate”, “should”, “would”, “are” Although words such as “Uncertainty about future events or results” and similar expressions that convey uncertainty as to future events or results are intended to identify forward-looking statements, such expressions do not exist. These words do not mean that the statements are not forward-looking. For example, Phunware uses forward-looking statements in discussing the timing of the completion of the offering and the use of proceeds from the offering.
The forward-looking statements contained in this press release are based on our current expectations and beliefs regarding future developments and their potential impact on us. Future developments that affect us may not be what we expected. These forward-looking statements involve a number of risks, uncertainties, some of which are beyond our control, and other assumptions that may cause actual results or performance to differ from these forward-looking statements. may differ materially from that expressed or implied by such statements. These risks and uncertainties are described under the heading “Risk Factors” in the Company’s filings with the SEC, including Forms 10-K, 10-Q, 8-K and other filings filed by the Company. factors including, but not limited to, Consult with the SEC from time to time. If one or more of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, actual results may differ from those anticipated in these forward-looking statements. may differ in important respects. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. These and other risks described under “Risk Factors” in our SEC filings may not be all-inclusive.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, as well as developments in the industry in which we operate, You are cautioned that forward-looking statements may differ materially from those made or implied. Statements contained in this press release. Additionally, even if our results of operations, operations, financial condition and liquidity, and developments in the industry in which we operate, are consistent with the forward-looking statements contained in this press release, Achievements and developments may not be indicative of results or developments. In subsequent periods.
View source version on businesswire.com. https://www.businesswire.com/news/home/20231207413465/ja/
Phunware PR & Media Inquiries: Email: PRESS@phunware.cometer Phone: (512) 693-4199
Phunware Investor Information:
Matt Glover and John Yi, Gateway Group, Inc.
Email: PHUN@gateway-grp.com Source: Phunware, Inc.
Source: Phunware, Inc.
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