Phunware (NASDAQ: PHUN) shares slid over 3% on Tuesday after a federal appeals court rejected Trump’s immunity claim in a 2020 election case.
A federal appeals court declared that ex-President Donald Trump is not protected from prosecution for potential crimes during his time in office. The charges stem from his attempts to overturn the 2020 election and the events leading to the Capitol riot on January 6, 2021.
Jack Smith, a lawyer from the Department of Justice, is prosecuting Trump in two separate cases. One case involves Trump’s handling of classified documents, while the other relates to his actions leading up to the Capitol riot. Charges against Trump include subversion and conspiring to defraud the United States.
The court unanimously ruled that Donald Trump, now a regular citizen, no longer enjoys executive immunity. Trump’s defense argued that pursuing charges could hinder future presidents in carrying out their duties.
A spokesperson for Trump informed CNN that an appeal from the former president is imminent. Trump has until Monday to submit an emergency stay request to the Supreme Court.
Phunware (NASDAQ: PHUN) Stock Reaction
PHUN stock fell 3.46% to close at $0.40 on Tuesday. The traders had exchanged hands with 123,129,619 (123.12 million) shares compared to the average daily trading volume of 103.53 million.