Daily Scoopđ¨: Phunware (PHUN) Buy $3.60 Sell $8-11.90
Phunware ( ) has shared an announcement.
Phunware, Inc. has announced its participation in the upcoming H.C. Wainwright 26th Annual Global Investment Conference slated for September 2024. While the company has shared a press release and presentation slides regarding this event, it clarifies that the information provided should be viewed alongside more comprehensive data from SEC filings and other public communications. Phunware emphasizes that these materials do not constitute material information and will not be updated in this format, though future updates may be communicated via SEC filings or public releases.
Phunware, founded in 2009, went public via a SPAC in December 2018 and came to some prominence in 2019 for its work with Donald Trumpâs re-election campaign. Phunware reportedly received a $3 million contract from Trumpâs campaign manager, Brad Parscale, and its stock went from $10 a share in December 2018 to more than $300 a share by Feb 1, 2019. By April 2019, shares were trading for less than $6.
One year later, the company was slapped with a Nasdaq delisting warning after its stock had traded below the $1 mark for 30 consecutive days. That same month, it was revealed that Phunware had applied for and received $2,850,336 in Paycheck Protection Program loans from JPMorgan Chase, despite being a publicly traded company.
Phunwareâs chief operating officer, Randall Crowder, defended the PPP loan at the time by telling a local Texas news channel that the company was in too dire a situation not to take the money.
âPhunware is an 11-year-old technology company with a market cap somewhere around $25 million, with 56 employees. Weâve been unprofitable for the last 11 years,â Crowder explained at the time. âBanks arenât loaning to unprofitable tech companies. There is no access to capital.â
Phunware managed to get its share price back above a dollar in time to appease its exchange, but the stock has languished since and was trading at 90 cents a share as recently as Oct. 8.
But thanks to retail investors caught up in what appears to be an emerging MAGA meme mania, Phunwareâs prior relationship with Trump through his fired aide Parscale makes it a possible investment play for everyone looking to capitalize on the madcap froth around Trumpâs announced deal with SPAC outfit Digital World Acquisition Corp. DWAC. The former presidentâs nascent Trump Media & Technology Group went public through its own reverse merger this week.
Michael Douglas is the latest in a stream of entertainment moguls who are backing the Former President Trump to succeed as the new upcoming U.S. President (POTUS) in early November 2024.
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