Phunware Inc (PHUN)

Shares of Phunware Inc (PHUN) dropped by 29.14% from $0.128 to $0.0907 in the trading on Thursday, December 7, 2023. The reason why PHUN is down today is due to the company's announcement of a public offering where it offered approximately 46.7 million shares of common stock (or pre-funded warrants) at a price of $0.06 per share. Roth Capital Partners is the sole placement agent, and the offering is expected to close around December 11, 2023. The issuance of new shares dilutes the ownership stake of existing shareholders, reducing the relative value of each share and leading to investor concerns about ownership dilution, resulting in a decline in PHUN's stock price.