Khazanah-backed, newly-listed cloud developer surges 2,000%
NEW YORK: Traders should have some fun with this small-cap stock whose quadruple-digit gain has managed to go under the radar.
Phunware Inc, a cloud software provider that manages the app development lifecycle, is off to a dramatic start in 2019, with shares having climbed more than 2,000% from last year’s low.
The rally started after the company consummated its merger with Stellar Acquisition Inc in late December, thrusting it into the public market.
Chief technology officer Luan Dang, who was an angel investor in Vonage Holdings Corp, became the second largest holder with a 683,534-share stake. Malaysia-based investment fund Khazanah Nasional Bhd is the biggest investor with 2.2 million shares.
Shares ended 2018 at US$14.26 and closed at a record US$220 on Wednesday. After initially extending its meteoric rise on Thursday – surging as high as US$550 – the stock subsequently turned sharply lower, ending down 29% on the day at US$157.
It was halted multiple times for volatility reasons. Volume amounted to 29,170 shares for a total traded value of US$2.2mil.
At current levels, Phunware has a market capitalisation of about US$4.4bil, up from US$56.5mil at the end of last year.