05:53 PM EDT, 06/04/2024 (MT Newswires) -- Phunware ( PHUN ) said late Tuesday that it is seeking regulatory clearance to sell up to $120 million of its shares through an at-the-market offering.

The company, which has filed a prospectus supplement to its existing shelf registration statement, said that "no additional capacity is being added to the registration statement as a result of the ATM program."

Phunware ( PHUN ) shares fell 7.6% in regular trading Tuesday after an initial announcement on the offering. The stock fell 0.5% in after-hours activity.

Price: 5.83, Change: -0.03, Percent Change: -0.51