Trump-linked Phunware shares rebounded 15.7% in premarket trading Friday, trimming yesterday's losses.

Shares of software developer Phunware plunged as much as 40% to $8.48 on Thursday after the comapny said its CEO retired after a year in the role.

The stock hit the biggest one-day pct drop since Jan 17, when it plummeted ~61%.

Austin, Texas-based firm early Thurs announced Michael Snavely retired and resigned from co, and appointed former board chair Stephen Chen as interim CEO, effective Oct 22.

Snavely joined Phunware in Sept 2023 as chief revenue officer, and was named CEO a month later.

On Oct 16, PHUN shares rose ~18% after co issued letter to stockholders from Snavely which announced development of a new generative AI-based platform launching in mid-2025. The platform would allow businesses to create custom mobile apps in "days or even hours," Phunware said.

PHUN shares, which ended Sept 2024 at $3.42, have also been aided by strong rally in Trump Media's stock as betting odds favored Republican candidate Donald Trump in his bid to return to the White House.

Phunware, which now has roughly $100 mln market cap, was hired by Trump's 2020 presidential re-election campaign to build a phone app.

DJT shares recently off 2.7% at $34.95 on Thursday, after falling nearly 8% earlier.