Phunware, Inc. Terminates Material Definitive Agreement
Ticker: PHUN · Form: 8-K · Filed: Oct 28, 2024 · CIK: 1665300
| Field | Detail |
|---|---|
| Company | Phunware, Inc. (PHUN) |
| Form Type | 8-K |
| Filed Date | Oct 28, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $30 million, $978,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, 8-k
TL;DR
Phunware just terminated a big deal. Big changes coming?
AI Summary
Phunware, Inc. announced on October 24, 2024, the termination of a material definitive agreement. The company, incorporated in Delaware, filed this 8-K report on October 28, 2024, detailing the event.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement introduces uncertainty regarding the company's business relationships and financial projections.
Key Numbers
- 001-37862 — SEC File Number (Identifies the company's filing with the SEC)
Key Players & Entities
- Phunware, Inc. (company) — Registrant
- October 24, 2024 (date) — Date of earliest event reported
- October 28, 2024 (date) — Filing date
- Delaware (jurisdiction) — State of Incorporation
- Stellar Acquisition III Inc. (company) — Former company name
FAQ
What was the specific material definitive agreement that was terminated?
The filing does not specify the exact nature or counterparty of the terminated material definitive agreement.
What is the reason for the termination of the agreement?
The filing does not provide the specific reasons for the termination of the material definitive agreement.
When did the termination of the agreement become effective?
The earliest event reported is October 24, 2024, which is the date of the report, implying the termination occurred on or before this date.
Does this termination have any immediate financial implications disclosed in the filing?
The filing does not disclose immediate financial implications resulting from the termination.
Was the termination a mutual decision or initiated by Phunware, Inc.?
The filing does not specify whether the termination was mutual or initiated by one party.
Filing Stats: 595 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-10-28 16:38:19
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share PHUN The Nasdaq Stock Mar
- $30 million — the right to sell to Lincoln Park up to $30 million of shares of the Company's common stock
- $978,000 — any generated proceeds of approximately $978,000 from the sales of Common Stock to Linco
Filing Documents
- phun-20241024.htm (8-K) — 36KB
- 0000950170-24-117760.txt ( ) — 143KB
- phun-20241024.xsd (EX-101.SCH) — 23KB
- phun-20241024_htm.xml (XML) — 4KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. On October 24, 2024, Phunware, Inc. (the "Company") delivered notice to Lincoln Park Capital Fund, LLC ("Lincoln Park") terminating the Purchase Agreement, dated August 22, 2023 (the "Purchase Agreement"), with Lincoln Park effective October 25, 2024 (the "Termination Date"). The Purchase Agreement provided that, upon the terms and subject to the conditions and limitations set forth therein, the Company had the right to sell to Lincoln Park up to $30 million of shares of the Company's common stock, par value $0.0001 per share ("Common Stock"), from time to time over the 24-month term of the Purchase Agreement. The Purchase Agreement provided the Company could terminate the Purchase Agreement for any reason or for no reason with one business day notice to Lincoln Park. Certain provisions in the Purchase Agreement survive termination, as more fully described in the Purchase Agreement. From August 22, 2023 through the Termination Date, the Company sold 164,106 shares of Common Stock under the Purchase Agreement, which is inclusive of 27,211 shares of Common Stock issued to Lincoln Park as consideration for entering into the Purchase Agreement. The Company generated proceeds of approximately $978,000 from the sales of Common Stock to Lincoln Park. The description above of the Purchase Agreement contained in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by reference to the copy of the Purchase Agreement filed as Exhibit 10.1 to the Current Report on Form 8-K on August 23, 2023.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Phunware, Inc. Date: October 28, 2024 By: /s/ Troy Reisner Troy Reisner Chief Financial Officer