secwatch.observer — SEC 8-K summary
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Issuer:     Phunware, Inc. (PHUN)
CIK:        0001665300
Form:       8-K
Filed at:   2024-10-24T23:59:59+00:00
Accession:  0000950170-24-116876
Event type: leadership
Sentiment:  negative
Materiality: 0.70
Item codes: 3.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Phunware CEO Snavely resigns; audit committee shortfall triggers Nasdaq non-compliance
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- CEO Michael Snavely resigned Oct 22, 2024; Steve Chen named interim CEO.
- Chen's resignation from audit committee leaves only 2 members, violating Nasdaq Rule 5605.
- Snavely receives $262,500 severance (9 months pay) plus health coverage through July 2025.
- Chen's interim CEO salary: $325k base, 50-200% target bonus, plus future option grant.
- Company is evaluating options to regain compliance but can give no assurance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1665300/000095017024116876/0000950170-24-116876-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1665300/000095017024116876/phun-20241022.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-116876

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer