Why Phunware Shares Are Soaring Today

Phunware Inc (NASDAQ:PHUN) is surging on abnormally high volume Friday in sympathy with Digital World Acquisition Corp (NASDAQ:DWAC) as traders circulate an article from May 2020 highlighting a partnership between Phunware and the former Trump campaign.

According to the USA Today article, Phunware announced a partnership with American Made Media Consultants for "the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio for Apple iOS and Google Android smartphones."

Digital World Acquisition Corp soared following the announcement that the SPAC will merge with Trump Media & Technology Group.

Trump Media & Technology Group said it plans to launch a new social network called TRUTH Social.

Related Link: Making SPACs Great Again? Trump Stock DWAC Surges 356%, Shines Attention On Out-Of-Favor Sector

The USA Today article has sparked speculation that Phunware could be involved with the development of the new social network.

Phunware's average session volume is 3.235 million over a 100-day period. Friday's trading volume was already approaching 100 million at publication time, according to data from Benzinga Pro.

Phunware operates a software platform for mobile that provides companies with the products, solutions and data and services necessary to engage, manage and monetize its mobile application audiences.

PHUN Price Action: Phunware is making new 52-week highs on Friday.

The stock was up 355.60% at $6.98 at time of publication.

Photo: courtesy of Phunware.