Phunware (PHUN) Announces Resignation of Ryan Costello from Board

On December 22, 2023, Ryan Costello notified Phunware (NASDAQ: PHUN) of his voluntary resignation from our board of directors (the "Board") and from the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee of the Board, effective December 31, 2023. Mr. Costello serves as chairperson of our Board and the Company's Compensation Committee. Mr. Costello's resignation is not due to any disagreement with the Company, its management, the Board or any committee thereof, or with respect to any matter relating to our operations, policies, or practices. Upon effectiveness of Mr. Costello's resignation, the Company's Board will now consist of three directors, only two of which are considered independent under applicable Nasdaq rules. Furthermore, Mr. Costello's resignation will reduce the number of independent directors serving on our Audit Committee to two.

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