Phunware Faces Nasdaq Non-Compliance Over Audit Committee

An update from Phunware ( (PHUN) ) is now available.

On July 24, 2025, Phunware, Inc. notified Nasdaq of its non-compliance with audit committee composition requirements following the resignation of Rahul Mewawalla from the audit committee due to his new role as Executive Chairman and Chief Artificial Intelligence Architect. This resignation left the audit committee with only two members, which does not meet Nasdaq’s requirement of having at least three independent directors. The company is actively exploring options to regain compliance with Nasdaq’s rules, although there is no guarantee of success.

The most recent analyst rating on (PHUN) stock is a Buy with a $4.50 price target. To see the full list of analyst forecasts on Phunware stock, see the PHUN Stock Forecast page.

Spark’s Take on PHUN Stock

According to Spark, TipRanks’ AI Analyst, PHUN is a Underperform.

Phunware’s overall score reflects significant financial challenges and weak technical indicators. The company’s persistent losses, negative cash flows, and reliance on external financing raise concerns about its long-term viability. Although the appointment of a new COO could improve operations, it does not sufficiently offset the current negative financial and technical outlook.

To see Spark’s full report on PHUN stock, click here.

More about Phunware

Phunware, Inc. operates in the technology sector, focusing on the development of mobile applications and platforms. The company specializes in providing enterprise cloud platforms for mobile that include products, solutions, data, and services for brands worldwide.

Average Trading Volume: 287,469

Technical Sentiment Signal: Sell

Current Market Cap: $65.15M

For detailed information about PHUN stock, go to TipRanks’ Stock Analysis page.