Crypto Company Squeezes Market

How do you get your cryptocurrency public company stock to increase by 3,750% over six trading days to reach a high of $550 a share?

Well, Phunware, Inc., a software company that plans on issuing a digital coin “that could be used to pay people who share their personal data with digital marketers,” went public through the back door.


It merged with a special purpose acquisition corporation (SPAC) that was already public. But the number of shares available for trading were about 1/10 what Nasdaq requires because the others were “restricted” and not liquid.

The huge demand drove up the price of the small supply.

As a result, Nasdaq is looking to change its listing qualification rules to not count restricted shares.

A new SEC filing shows that more shares will be coming into the market soon, many held by insiders. (Surprise?)

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
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