Goldenwise Capital Group has disclosed a 6.6% stake in Phunware and signaled plans to press the company for governance reforms and potential board representation.
In a regulatory filing, Goldenwise said it owns 1,354,510 Phunware shares. The filing allows the investor to pursue activist measures, including discussions with the company’s board and management about governance, capital allocation, strategic direction and overall performance.
Goldenwise said it has already contacted members of Phunware’s board to seek a constructive dialogue aimed at improving corporate governance. The firm is also considering pursuing representation on the board.
On July 9, the company sent an open letter to Phunware’s board outlining its concerns about corporate governance, shareholder representation, capital allocation and board accountability.
The investor argued that Phunware’s governance practices have contributed to prolonged operating losses, shareholder dilution, leadership instability and declining investor confidence.
Goldenwise also raised concerns about the company’s operating and governance record during Elliot Han’s tenure as board chair, questioning the board’s oversight and capital allocation discipline.
In addition, the shareholder criticized what it described as high compensation levels paid to Phunware’s board members.
