Phunware, Inc. (NASDAQ: PHUN) has issued a statement rejecting demands made by Goldenwise Capital Group and its principal, Huakun (Richard) Ding, contained in an amended Schedule 13D filing and attached open letter.

Phunware's board said Goldenwise, which holds approximately 6.9% of the company's shares acquired for roughly $2.60 million, has sought to expand the board and install Mr. Ding and his nominees, at times demanding representation amounting to at least half of board seats. The board said it could not responsibly grant such influence without a compelling strategic rationale and completed nominee diligence.

The company also raised questions about Goldenwise's disclosures, noting that Mr. Ding's director questionnaire referenced short put and short call option positions in Phunware securities that were not described in Item 6 of the Schedule 13D filing, which requires disclosure of such arrangements. Phunware said it is evaluating the matter with advisers and reserves all rights and remedies.

The company additionally cited a 2020 public complaint that named Mr. Ding and Goldenwise Capital Management, Inc. as defendants, alleging professional negligence and breach of fiduciary duty related to approximately $1.3 million in investment losses. Phunware noted that Mr. Ding answered "No" on his signed questionnaire when asked whether he had been subject to a legal proceeding involving breach of fiduciary duty or similar conduct in the prior ten years.

As of March 31, 2026, Phunware reported approximately $97.9 million in cash and cash equivalents with no debt. The company said its net loss narrowed to $3.2 million in the first quarter of 2026 from $3.7 million in the prior-year period, and gross margin improved to 70.8% from 52.2%.

Phunware said it plans to increase shareholder communications, including investor webinars, an updated investor presentation, and participation in industry conferences.