Phunware Inc (NASDAQ:PHUN) shares are tumbling Wednesday after the company announced a $7 million registered direct offering. What Happened: After the market close on Tuesday, Phunware said it entered into a definitive agreement for the issuance and sale of approximately 87.5 million shares of common stock at 8 cents per share. The direct offering was priced at-the-market under Nasdaq rules. All of the shares in the offering are being offered by Phunware. Phunware anticipates gross proceeds of approximately $7 million. The company said it plans to use net proceeds for working capital and gener…