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Phunware's Stock Price Soared By More Than 1,400% In The Name Of 'Trump'

Phunware's Stock Price Soared By More Than 1,400% In The Name Of  'Trump'

Former U.S. President Donald Trump re-emerged, setting off a volatility in the U.S. stock market. On October 22, the stock price of Phunware (PHUN.US), an obscure advertising software company, soared by more than 1,400%. The reason was that the company had participated in Trump's 2020 campaign and investors came for the theme of "Trump". , After DWAC, became another surging Trump concept stock. Business Insider and MarketWatch reported that on the 22nd, Phunware's stock price surged 471.24% to close at $8.74. It soared by more than 1,400% during the intraday session, rushing to $24.04, bringing the company's market value to nearly $2 billion. According to Phunware's financial report, the company is facing a loss, with revenue of US$1.4 million and a net loss of US$8.3 million in the second quarter of 2021. Headquartered in Texas, USA, Phunware was founded in 2009 and went public through a special purpose acquisition company (SPAC) in December 2018. It is known for participating in Trump's re-election campaign in 2019. According to reports, at that time, Phunware signed a $3 million contract with the Trump campaign team, driving the stock price to surge from $10 per share in December 2018 to more than $300 on February 1, 2019. However, since April 2019, Phunware's stock price has always been below US$6, and even in 2020, the stock price has been below US$1 for 30 consecutive days, and the Nasdaq exchange issued a delisting warning. Investors speculated that Phunware is expected to cooperate with Trump again to assist in the development of the new social platform Truth Social, so they have bet on Phunware stocks. However, this matter has not been confirmed, and Phunware did not immediately respond to media inquiries.
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