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Phunware | 8-K: Request for a Hearings Pane to Appeal the Nasdaq Delisting Determination Was Granted by the Panel and Ryan Costello Resigned from Board of Directors

SEC announcement ·  Dec 28, 2023 13:00
Summary by Futu AI
Phunware, Inc., a company listed on the NASDAQ Capital Market under the symbol PHUN, has been notified by Nasdaq of its decision to delist the company's common stock due to the stock's closing bid price falling to $0.10 or less for ten consecutive trading days as of December 20, 2023. The company received the delisting notice on December 21, 2023, and has until December 28, 2023, to appeal the decision. Phunware submitted a timely request for a hearing before the Nasdaq Hearings Panel on December 22, 2023, which was granted, with the hearing scheduled for March 19, 2024. The delisting is stayed pending the Panel's final decision post-hearing. In parallel, on December 22, 2023, Ryan Costello announced his resignation from Phunware's board of directors and all associated committees, effective December 31, 2023. His departure is not due to any disagreements with the company's operations or practices. Following his resignation, the board will consist of three directors, with only two being independent under Nasdaq rules, and the Audit Committee will have two independent directors.
Phunware, Inc., a company listed on the NASDAQ Capital Market under the symbol PHUN, has been notified by Nasdaq of its decision to delist the company's common stock due to the stock's closing bid price falling to $0.10 or less for ten consecutive trading days as of December 20, 2023. The company received the delisting notice on December 21, 2023, and has until December 28, 2023, to appeal the decision. Phunware submitted a timely request for a hearing before the Nasdaq Hearings Panel on December 22, 2023, which was granted, with the hearing scheduled for March 19, 2024. The delisting is stayed pending the Panel's final decision post-hearing. In parallel, on December 22, 2023, Ryan Costello announced his resignation from Phunware's board of directors and all associated committees, effective December 31, 2023. His departure is not due to any disagreements with the company's operations or practices. Following his resignation, the board will consist of three directors, with only two being independent under Nasdaq rules, and the Audit Committee will have two independent directors.
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