Phunware Inc. (NASDAQ:PHUN) stock fell 3.5% in yesterday’s trading session. The company has appointed Rahul Mewawalla and Ryan Costello to its board of directors. Co-founder and CEO Alan Knitowski said they are delighted to welcome two experienced individuals to the company’s management team.
He explained that the two would bring expansive expertise to major initiatives for the company’s short-term growth and long-term success.Costello has political experience, and his association with the Digital Commerce and Consumer Protection Subcommittees in Congress will be beneficial to the company in scaling its advocacy and healthcare verticals. He said that he is delighted to join Phunware and use his experience to help the company advance its software offering in government and healthcare.
On the other hand, Mewawalla has vast experience with a carrier as a tech executive, which will be vital in opening doors for Phunware and also offer enhanced insight into the company’s strategy of scaling via direct channels. Mewawalla commented that he is delighted with the continued success Phunware has made ahead of its market expansion. With these executive leadership additions, PHUN is worth watching.
Market Reaction:
On Tuesday, PHUN stock fell 3.57% at $1.08 with more than 994K shares, compared to its average volume of 2.05 million shares. The stock has moved within a range of $1.0400 – 1.1400 after opening the trade at $1.13.
