Phunware Launches New Resource for Shareholders to Restrict Short Selling

Phunware, Inc. (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced that it will provide additional resources to help maximize shareholder value to include a simple online form that enables shareholders to direct their brokerages not to loan out Phunware securities such as PHUN and PHUNW.

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Short selling or “shorting” is an investment strategy that involves betting against a stock. Short sellers typically borrow shares they don’t own from brokerage firms and sell them on the open market with the expectation they’ll be able to buy back the shares they owe at a lower price.

“Short selling recently made headlines in the wake of what happened with companies like GameStop and AMC when retail investors were able to successfully restrict the number of shares available in order to cause a short squeeze,” said Matt Aune, Chief Financial Officer of Phunware. “While many retail investors hope the price of their shares will go up, many don’t realize their brokerage may be loaning those same shares to short sellers who work in opposition to price appreciation or that they can often restrict this practice by not allowing brokerages to loan out their shares.”

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