Trump-linked Phunware plunges 33% after CEO retires after one year

Phunware

24/10/2024 18:19

(Updates stock activity, adds DJT)
** Shares of software developer Phunware  PHUN.O  fall as much
as 32.8% to $9.50 on Thurs after co said CEO retired after a
year in the role
    ** Stock last down 26.5% at $10.40 and on course for biggest
one-day pct drop since Mar 6, when it declined ~30%
    ** Austin, Texas-based firm early Thurs announced Michael
Snavely retired and resigned from co, and appointed former board
chair Stephen Chen as interim CEO, effective Oct 22
    ** Snavely joined Phunware in Sept 2023 as chief revenue
officer, and was named CEO a month later
** PHUN shares, which ended Sept at $3.42, have soared this
month, getting a boost as Trump Media's  DJT.O  stock has staged
a strong rally as betting odds favored Republican candidate
Donald Trump in his bid to return to the White House
    ** Phunware, which now has roughly $120 mln market cap, was
hired by Trump's 2020 presidential re-election campaign to build
a phone app
    ** DJT shares recently up 0.6% at $36.13 on Thurs, after
falling nearly 8% earlier

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))