Phunware Inc (PHUN)

[Phunware]

We genuinely don't know who is selling at these relatively ridiculous prices and valuations. We think whoever is doing it is/are complete fools if that is sugar coating enough and being kind.

We definitively know that none of the selling has anything at all to do with insiders, officers, directors or employees as they are all in an earnings blackout and can't be in the market for any reason.

We also definitively know that institutions and major shareholders would have to be filing Form 3 / 4 / 5 documents with the SEC if their positions changed, with the exception of the FTSE Russell 2000, FTSE Russell 3000 and FTSE Russell Microcap indexes who have to buy or sell based on ETF money flows.

The good news to us is that based on the total public float, the entire shareholder base could turn over in less than a month with these share volumes in play, even though we know that couldn't and wouldn't happen because of the earnings blackout period in which all insiders, officers, directors and officers are not in the market.

We remain very long and will continue to do so.