Summary by Moomoo AI
On January 3, 2024, Phunware, Inc., a company listed on The NASDAQ Capital Market under the trading symbol PHUN, reported a notice of non-compliance from Nasdaq. The notification was due to the resignation of Ryan Costello from the board of directors and the audit committee, leaving the audit committee with only two members, Stephen Chen and Rahul Mewawalla. This change has resulted in Phunware not meeting the Nasdaq Listing Rule 5605, which requires a minimum of three independent directors on the audit committee. Phunware has been granted a cure period until the earlier of its next annual stockholders' meeting or December 31, 2024, to regain compliance, with an extension to June 28, 2024, if the annual meeting occurs before that date. Failure to comply within this timeframe may lead to delisting, although the company would have the right to appeal. Phunware is currently exploring options to address the compliance issue. The company's Chief Financial Officer, Troy Reisner, signed off on the report on January 4, 2024.