12:05 PM EDT, 06/04/2024 (MT Newswires) -- Phunware ( PHUN ) said Tuesday it established an at-the-market offering program for the sale of its shares from time to time for gross proceeds of up to $120 million.

The company is not adding "incremental overhang" to its original $200 million universal shelf, Chief Executive Mike Snavely said.

Phunware ( PHUN ) is terminating its previous sales distribution agreement and adding Canaccord Genuity, Roth MKM, and Benchmark as additional investment banks into the upgraded program, Snavely said.

The company's shares were down nearly 11% in recent trading.

Price: 5.67, Change: -0.67, Percent Change: -10.57