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On May 6, 2025, Phunware Inc. (NASDAQ:PHUN), a $60.7 million market cap company specializing in computer processing and data preparation, held its 2024 Annual Meeting of Stockholders. The company’s stock, currently trading at $3.01, has shown strong momentum over the past month despite a challenging six-month period. According to InvestingPro analysis, the stock appears to be trading below its Fair Value, with 11 additional key insights available to subscribers. During the meeting, stockholders voted on two key proposals: the election of a Class III director and the ratification of the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.
The stockholders elected Quyen Du as the new Class III director, who will serve until the 2027 annual meeting of stockholders or until her successor is duly elected and qualified. Du received overwhelming support with 1,798,815 votes for and 91,378 withheld/abstentions. There were also 6,004,695 broker non-votes recorded for this election.
Additionally, the stockholders ratified the appointment of Marcum LLP as Phunware’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal received 7,601,040 votes for, 253,299 against, and 40,549 withheld/abstentions.
No other matters were submitted for stockholder action at the 2024 Annual Meeting. This information is based on a press release statement.
In other recent news, Phunware, Inc. reported fourth-quarter earnings with revenue of $0.6 million, falling short of the anticipated $1.0 million. Despite this, the company saw a 232% increase in software bookings for 2024, attributed to a restructured sales team and evolving sales model. H.C. Wainwright adjusted its price target for Phunware to $3 from $6, maintaining a Neutral rating due to concerns about cash burn and uncertainty in cash reserve utilization. Meanwhile, Ascendiant Capital also revised Phunware’s price target, lowering it to $12 from $13, but maintained a Buy rating, reflecting confidence in the company’s growth potential.
Phunware has made progress in reducing its cash burn, reporting a net cash use of $13.3 million for operations in 2024, down from $18.4 million in 2023. The company holds $113.1 million in cash reserves with no debt, positioning it for potential strategic acquisitions. Additionally, Phunware announced the appointment of Quyen Du to its Board of Directors, filling a vacancy left by former CEO Michael Snavely. Ms. Du brings extensive experience in corporate strategy, having held significant roles at Condé Nast and other major firms.
Her appointment aligns with Phunware’s strategy to strengthen its board in support of strategic growth initiatives. The company aims to leverage its expertise and intellectual property to expand its offerings, including a new Generative AI platform. This board change also helps Phunware meet Nasdaq’s listing requirements following a notification of non-compliance.
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