By Abigail W. Adams
Portland, Me., March 23 – Phunware Inc. priced $3 million convertible notes due Dec. 31, 2021 as part of a structured financing transaction, according to a company news release.
Canaccord Genuity acted as placement agent for the transaction.
The notes will be settled either in cash or by selling securities. They are convertible at a conversion price of $3.00, which is subject to adjustment.
The company will file a registration statement for the resale of common stock issuable upon the conversion of the notes.
Net proceeds are expected to be $2.564 million.
Phunware is an Austin, Tex.-based enterprise cloud platform for mobile devices.
| Issuer: | Phunware Inc.
|
| Securities: | Convertible senior notes
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| Amount: | $3 million
|
| Maturity: | Dec. 31, 2021
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| Placement Agent: | Canaccord Genuity
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| Conversion price: | $3.00
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| Pricing date: | March 23
|
| Stock symbol: | Nasdaq: PHUN
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| Stock price: | $0.72 at market close March 20
|
| Market capitalization: | $25.09 million
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