Benzinga | Feb 12, 2021 10:25AM EST

Phunware Raises $25M In Secondary Offering At 20% Discount

* Phunware, Inc. (NASDAQ: PHUN) priced 11.111 million shares at $2.25 per share to rake in $25 million in a secondary offering for debt repayment, working capital, and general corporate purposes.

* The offer price signifies a 20% discount to Thursday's closing price. The underwriters have a 30-day option to procure additional shares up to 1.666 million.

* The offering is estimated to close on February 17, 2021.

* Phunware's negative operating cash flow stood at $6.5 million in the quarter ended September 30, 2020. The closing cash balance stood at $1.1 million, and its long-term debt stood at $4.3 million.

* Price action: PHUN shares are down 3.6% at $2.71 on the last check Friday.