Phunware, Inc. (PHUN): Nasdaq/NYSE listing notice — Phunware non-compliant with Nasdaq audit committee rules after Mewawalla resignation

Phunware, Inc.

On July 24, 2025, Phunware notified Nasdaq it is not in compliance with Listing Rule 5605.
Rahul Mewawalla resigned from the audit committee after becoming Executive Chair and Chief AI Architect on July 13, losing independence.
Audit committee now has only two members (Elliot Han and Quyen Du) and lacks a financial expert.
Company is evaluating options to regain compliance within the cure period but cannot assure success.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Phunware, Inc. received a nasdaq deficiency notice notice regarding audit committee (rules 5605, 5605(c)(2)(A), 5605(a)(2), 10A-3).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: audit committee
Rules: 5605, 5605(c)(2)(A), 5605(a)(2), 10A-3

Exact text from the filing

July 24, 2025, Phunware, Inc. (the "Company") notified The Nasdaq Stock Market LLC ("Nasdaq") that, as a result of the resignation of Rahul Mewawalla from the Company’s audit committee in connection with his appointment as Executive Chair and Chief Artificial Intelligence Architect as described below, the Company is not in compliance with Nasdaq’s audit committee composition requirements as set forth in Nasdaq Listing Rule 5605. Pursuant to Nasdaq Listing Rule 5605(c)(2)(A), a listed company must have an audit committee of at least three members, each of whom must be an Independent Director as

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Phunware, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-25-099381

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