Phunware, Inc. entered into a note purchase agreement with Streeterville Capital, LLC and issued an unsecured promissory note with an original principal amount of $12,808,672 in a private placement. The note had an original issue discount of $491,872 and net cash proceeds to the company were $11,794,928. Monthly amortization payments were approximately $1,565,504 until July 1, 2023, with the option to defer payments. The company elected to defer payments for April-July 2023, resulting in an increased outstanding balance. The maturity date was extended to June 1, 2024, and monthly amortization payments of at least $800,000 were required. The company also granted limited conversion rights to the noteholder. In December 2023, the company entered into an agreement to waive certain obligations and conversion rights. The company agreed to pay a fee of 7.5% of the outstanding balance of the note.