Benzinga | Sep 13, 2021 08:34AM EDT

Phunware To Acquire Lyte Technology For $10.32M

Phunware, Inc. (NASDAQ:PHUN) (the "Company"), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, has executed a definitive agreement to acquire Lyte Technology ("Lyte"). The accretive transaction contemplates up to a $10.32M total purchase price in cash and stock, with $3.32M cash at closing and the remaining $7.00M subject to both time and financial performance requirements for the one year period post-closing. The maximum amount of stock issuable post closing would constitute $2.25M over 12 months and an additional $1.25M contingent upon generating $12.00M for the one-year period post closing. The Company maintains options against future payments in order to proactively minimize dilution while maximizing financial performance.