AUSTIN, Texas, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced that it has commenced a proposed underwritten public offering of common stock of the Company. Phunware expects to grant the underwriters a 30-day option, solely to cover over-allotments, if any, to purchase additional shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Northland Securities Inc. and Roth Capital Partners are acting as joint book-running managers for the offering.

Phunware intends to use the proceeds to satisfy obligations to redeem outstanding convertible debt and for working capital and general corporate purposes.