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.

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