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- Phunware (NASDAQ:PHUN) Wednesday dropped about 14% in premarket trading as the integrated software platform provider announced the launch of a public offering to offer and sell shares of its common stock.
- The company said that it intends to use the net proceeds from the offer to fund the expansion of its product initiatives, among others.
- All the shares of common stock (and pre-funded warrants in lieu thereof) are being offered by Phunware.
- Source: Press Release