<SEC-DOCUMENT>0000950170-25-005927.txt : 20250307
<SEC-HEADER>0000950170-25-005927.hdr.sgml : 20250307
<ACCEPTANCE-DATETIME>20250115172922
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-25-005927
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Phunware, Inc.
		CENTRAL INDEX KEY:			0001665300
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				301205798
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1002 WEST AVENUE
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701
		BUSINESS PHONE:		512-693-4199

	MAIL ADDRESS:	
		STREET 1:		1401 LAVACA STREET
		STREET 2:		#302
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Stellar Acquisition III Inc.
		DATE OF NAME CHANGE:	20160128
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
 <head>
  <title>CORRESP</title>
 </head>
 <body style="margin: auto!important;padding: 8px;line-height: 1;">
  <div style="padding-top:0.5in;z-index:-3;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;" id="gfpformcorresp_htm"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img66152937_0.jpg" alt="img66152937_0.jpg" style="width:624px;height:72px;"></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
   <tr style="visibility:collapse;">
    <td style="width:55%;box-sizing:content-box;"></td>
    <td style="width:22%;box-sizing:content-box;"></td>
    <td style="width:1%;box-sizing:content-box;"></td>
    <td style="width:22%;box-sizing:content-box;"></td>
   </tr>
   <tr style="height:13.7pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">2728 N. Harwood Street</font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">214.745.5400 </font><font style="text-transform:uppercase;color:#000000;white-space:pre-wrap;min-width:fit-content;">office</font></p></td>
   </tr>
   <tr style="height:14.4pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Suite 500</font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">214.745.5390 </font><font style="text-transform:uppercase;color:#000000;white-space:pre-wrap;min-width:fit-content;">fax</font></p></td>
   </tr>
   <tr style="height:13.7pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Dallas, TX 75201</font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">winstead.com</font></p></td>
   </tr>
  </table>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">January 15, 2025</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Securities and Exchange Commission</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Division of Corporation Finance</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Office of Technology</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">100 F Street, N.E.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Washington, D.C. 20549</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
   <tr style="visibility:collapse;">
    <td style="width:7.08%;box-sizing:content-box;"></td>
    <td style="width:92.92%;box-sizing:content-box;"></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Re:</font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Phunware, Inc.</font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Form 10-K for the Fiscal Year Ended December 31, 2023</font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Form 10-Q for the Quarter Ended September 30, 2024</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Response dated December 18, 2024</font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">File No. 001-37862</font></p></td>
   </tr>
  </table>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Ladies and Gentlemen:</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On behalf of Phunware, Inc. (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Company</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), we hereby provide the following responses to the comment letter from the Staff of the Division of Corporation Finance (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Staff</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;) of the Securities and Exchange Commission (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Commission</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;) dated December 30, 2024, relating to the above-referenced Annual Report on Form 10-K (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Annual Report</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;) and Quarterly Report on Form 10-Q (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Quarterly Report</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;). The Company is concurrently filing an Amendment No. 1 to the Quarterly Report (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Quarterly Report Amendment</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), which includes changes in response to the Staff&#x2019;s comments. Capitalized terms used but not defined herein have the meanings ascribed to them in the Quarterly Report. For the Staff&#x2019;s convenience, we have recited the comments in the Staff&#x2019;s letter below in </font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">italics</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, and set forth the Company&#x2019;s responses in regular font immediately thereafter.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Quarterly Report on Form 10-Q</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations, page 16</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.537%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">We note your responses to prior comment 2 and 3. Because of your emphasis on the importance of AI technology to the growth of the business in the future, you should amend the &#x201c;Overview&#x201d; section in your September 30, 2024 to include the detail of your application of AI technology to your business as outlined in your supplemental responses.</font></div></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">:  	The Company has filed the above-referenced Quarterly Report Amendment which amends and restates its disclosures in Part I Item II &#x201c;Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations&#x201d; of the Quarterly Report to include detail of the Company&#x2019;s application of AI technology in its business as outlined in the Company&#x2019;s supplemental responses.</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Risk Factors, page 29</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.537%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">We note your response to prior comment 6. However, based upon your furnished disclosures in the two October 16, 2024 Forms 8-K filed prior to your September 30, 2024 Form 10-Q, which included a letter to shareholders and an investor presentation, both touting the development of your new generative AI-based strategy, we believe that a risk factor addressing the risks specific to your use of, and reliance upon, artificial </font></div></div>
  <div class="page-node-content"><div style="z-index:-3;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;page-break-after:always;">
  <div style="padding-top:0.5in;z-index:-3;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
  <div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.537%;visibility:hidden;word-break:keep-all;display:inline-flex;justify-content:flex-start;"></font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">intelligence technology in your September 30, 2024 Form 10-Q is appropriate. Please amend your Form 10-Q to include such a risk factor.</font></div></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Response</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">:  	The Company has filed the above-referenced Quarterly Report Amendment which amends and restates its disclosures in Part II Item 1A &#x201c;Risk Factors&#x201d; of the Quarterly Report to include a risk factor addressing the risks specific to the Company&#x2019;s use of, and reliance upon, artificial intelligence technology.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Please be advised that Troy Reisner no longer serves as the Chief Financial Officer of the Company and future correspondence should be directed to the attention of Stephen Chen [schen@phunware.com], Chief Executive Officer and Chris Olive [colive@phunware.com], Chief Legal Officer.  If you have any additional questions regarding the above, please contact me by phone at (214) 745-5394 or e-mail at jmcphaul@winstead.com.</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
   <tr style="visibility:collapse;">
    <td style="width:50%;box-sizing:content-box;"></td>
    <td style="width:50%;box-sizing:content-box;"></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Sincerely,</font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;border-bottom:1pt solid #000000;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-style:italic;min-width:fit-content;">/s/ Jeffrey M. McPhaul</font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Jeffrey M. McPhaul</font></p></td>
   </tr>
  </table>
  <p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
   <tr style="visibility:collapse;">
    <td style="width:7.08%;box-sizing:content-box;"></td>
    <td style="width:92.92%;box-sizing:content-box;"></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Cc:</font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Stephen Chen (Chief Executive Officer, Phunware, Inc.)</font></p></td>
   </tr>
   <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0in;vertical-align:top;padding-bottom:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Chris Olive (Chief Legal Officer, Phunware, Inc.)</font></p></td>
   </tr>
  </table>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="page-node-content"><div style="z-index:-3;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">2</font></p></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;page-break-after:always;">
 </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img66152937_0.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img66152937_0.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !" D # 2(  A$! Q$!_\0
M'0 ! 0 " @,!              @&!P($ 04) __$ #\0   % 04' @,& P@#
M 0     ! @,$!08'$1(3&"%25I&4TC%!"!0B%19187&2,E71(S4V0F)R@;()
M%U1S_\0 ' $!  (# 0$!              $# @4&!P0(_\0 ,!$!  $# @0$
M! 4%          $"$5$#! 42(3$&08&1!Q;1\!,74G'!-#5A<K'_V@ , P$
M A$#$0 _ /JF   XX$1#B9_H!GZC3UL;9UFG6EFQXTTVF6U$2492/#<7Y#G.
M-\;T.!:-.XUXF8F;='W;/9ZF]U)T].8O:_5N+'\PQ_,:%^_]H?Y@K]B?Z!]_
M[0_S!7[$_P!!Q'YD<,_15[1]6Y^7MUF/OT;ZQ_,,?S&A?O\ VA_F"OV)_H'W
M_M#_ #!7[$_T#\R.&?HJ]H^I\O;K,??HWUF_Y U8C0O_ + M#_,%?L3_ $'A
M5X%H<O\ >*OV)_H)I^(W#:JN7DJ]H^J)\/[J(O>/OT;](>1T:6ZIZ!&=6>*E
MMI49_F9$.X0]3T]2-2B*X\XNYJ8Y9LY  "Y
M
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MIN;39+_LSKHPRK/_ %%[D*2
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M9E&XXHEKP3@V98CN%>+:9W[.-%FGT(<?99EFJ,^:FC6;A*-)92Q2DTMF:C/
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M9%B  #$
M
%   !_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
