Phunware's board and management issued a statement rejecting demands from Goldenwise Capital Group and its principal Huakun Ding, reaffirming confidence in the company's 2.0 strategy. The company stated that Goldenwise's materials contain errors, misleading statements, and mischaracterizations, and lack a coherent long-term value creation plan. Goldenwise, which holds a 6.9% stake acquired for approximately $2.60 million, has demanded board seats and imposed short deadlines backed by threats of litigation and proxy activity. Phunware highlighted its strong balance sheet with approximately $97.9 million in cash and no debt as of March 31, 2026, and noted recent financial improvements including a narrowed net loss of $3.2 million in the first quarter of 2026. The company also raised concerns about Goldenwise's disclosures, including an apparent omission of put and call option positions in its Schedule 13D filing and a prior legal complaint alleging breach of fiduciary duty against Ding.
Phunware IncPhunware rejects activist demands, highlights strong cash position and narrowed losses, supporting its strategy.
Goldenwise's board demands are rejected, its plan criticized, and its disclosures questioned.