Phunware Announces Stock Repurchase Plan

AUSTIN, Texas, Jan. 05, 2023 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN)  announced today that its Board of Directors has authorized a Stock Repurchase Plan under which the Company may repurchase up to $5,000,000 of the Company’s outstanding common stock, par value $0.0001 per share.

“We believe repurchasing our common stock is an attractive use of capital, given recent market prices,” stated Russ Buyse, Chief Executive Officer of the Company.

The Stock Repurchase Plan is expected to be completed over the next 12 months.

The shares may be repurchased from time to time in open market transactions at prevailing market prices. The actual timing, number and value of shares repurchased under the plan will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may suspend or discontinue at any time.

About Phunware, Inc.

Everything You Need to Succeed on Mobile — Transforming Digital Human Experience

Phunware, Inc. (NASDAQ: PHUN) helps the world’s most respected brands create category-defining mobile experiences, with approximately one billion active devices touching its platform each month when operating at scale. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://phunware.comhttps://phunwallet.comhttps://phuncoin.comhttps://phuntoken.com and follow @phunware, @phuncoin and @phuntoken on all social media platforms.