Shares of Phunware, Inc. (PHUN), a mobile cloud enterprise solutions company, took a dip in premarket trading on Monday following the announcement of CFO Troy Reisner’s resignation. Reisner informed the company on November 1st of his intention to step down, effective between November 15th and November 30th.
Phunware emphasized that Reisner’s departure is not related to any disagreements with the company’s operations, policies, or financial practices. The company has initiated the search for a replacement, and in the meantime, Interim CEO Stephen Chen will collaborate with Brendhan Botkin, Vice President of Accounting and Financial Reporting, to fulfill the responsibilities of principal financial officer and principal accounting officer.
This latest development comes just a month after CEO Michael Snavely resigned from the company, with Stephen Chen, former chair of the board, taking over as interim CEO.
Phunware’s stock has been experiencing extreme volatility since the start of the year, primarily driven by its connection to former President Donald Trump. The company’s ties to Trump date back to 2020 when Phunware launched and managed Trump’s 2020 reelection campaign mobile app.
The company’s shares have tumbled over 24% in the past year, and the recent CFO resignation further adds to the uncertainty surrounding the company’s future. As of the last check on Monday, PHUN shares were down 9.79% at $6.08 in premarket trading.
The ongoing volatility and executive departures at Phunware highlight the challenges the company is facing in navigating its business operations and financial landscape. The company’s future trajectory remains uncertain, and investors will be closely watching to see how these recent events impact its performance going forward.
