KUALA LUMPUR (Jan 11): US-based cloud software provider Phunware Inc, in which Khazanah Nasional Bhd is the biggest investor with 2.2 million shares, has seen a dramatic start to 2019. Its shares surged by more than 2,000% this week from last year's low.
According to a Bloomberg report today, the rally started after the company consummated its merger with Stellar Acquisition Inc in late December, thrusting it into the public market.
Shares of Phunware were trading at US$14.26 (RM58.39) at the end of 2018 but closed at a record US$220 on Wednesday. The stocks then rose to as high as US$550 on Thursday but subsequently turned sharply lower, ending down 29% on the day at US$157.
At current levels, Phunware's market capitalisation stands at about US$4.4 billion, up from US$56.5 million at the end of last year.
On Thursday, Phunware also issued a press release announcing that it had been granted a patent related to monitoring the location of mobile devices both indoors and outdoors, Bloomberg reported.