You are potentially confusing the founders of the Stellar SPAC from the SPAC investors.
George and Akis are Phunware board members post closing representing the former Stellar. However, none of the SPAC trust money involved any of them at all.
Stellar funded the creation of the entity, underwriters took it public and the "investors" in the SPAC trust were completely independent funds and entities.
Said differently, the Stellar team and the SPAC trust "investors" are not aligned and are not the same.
George and Akis are like founders of a non-operating entity that was taken public to find a merger partner like Phunware, who had a private operating entity.
At closing, the private company becomes public through the SPAC entity and the private company's management team takes control of operating the now public operating company.
George and Akis are insiders to Phunware and currently sit as two of the seven directors. Our CEO and COO both sit on the board of directors representing management as directors three and four, respectively. The final three board members are Kathy Mayor, Keith Cowan and Lori Marcus as independents added at closing.
Directors, officers and insiders are not only bound by the 6 month lockup through 6/26, but also by blackout periods tied to earnings announcements. Additionally, nobody on the board, inside the company or any part of the $100M+ in private financing has ever sold a share in more than a decade.
For 2019, there are about 30 days when insiders could ever even sell a share. For 2020, there are about 45 days when insiders could ever sell a share. That's about 75 days over two years.
Those funds in the original SPAC trust are the source of PHUNW holders, and thus the sellers. None of those funds even know who or what the company even is. They parked cash, redeemed it, got their principal and interest, got a few extension payments on a $ per trust unit basis and PHUNW warrants proportional to the size of the money they parked.
"The Greeks" as is often said here, invested millions of dollars of their own money to set up Stellar. The same cannot be said about the SPAC trust "investors".
