Phunware Inc (PHUN)

[Phunware]

Selling can always occur, but had the S-1 been effective when it should have been sans government shutdown, then no cashless exercises would have ever been possible for PHUNW holders.

They could have only cash exercised PHUNW at $11.50 per share with a cost basis, sold their PHUNW in to the open market or had them retired for $0.01 per warrant after a 30 day notice.

Hard to imagine sales below $11.50 per share if they had to pay $11.50 per share to attempt to arbitrage.