Stellar Acquisition III Inc. (“Stellar”) is a blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization, exchangeable share transaction or other similar business transaction with one or more operating businesses or assets. Stellar’s units, shares of common stock and warrants are currently listed on the Nasdaq Capital Market under the symbols “STLRU,” “STLR” and “STLRW, respectively.
On February 28, 2018, Stellar announced it had entered into definitive agreements to combine with Phunware, Inc. (“Phunware”) and enter the mobile cloud software and blockchain sectors. Phunware’s investor base includes several prominent strategic investors/partners and has a large and diversified customer base including numerous Fortune 5000 companies. Through numerous mobile application portfolios Phunware has a reach of more than 2 billion Phunware IDs for more than 1 billion monthly active unique devices across more than two trillion database events and petabytes of information. Additionally, Phunware plans to consummate an initial block-chain technology token generation event via the launch of PhunCoin with cash gross proceeds of up to $100m.
Following the closing, the common stock and warrants of the combined entity will trade on the NASDAQ Stock Market under the name Phunware, Inc. and trading symbols “PHUN” and “PHUNW”, respectively. The combined company will be led by Mr. Alan S. Knitowski, who will continue as Phunware’s Chief Executive Officer, and Mr. Matthew Aune, who will continue as Phunware’s Chief Financial Officer. As part of the transaction, the combined company will redomesticate from the Marshall Islands to Delaware.
For further information about the Company’s proposed business combination with Phunware, please refer to Stellar’s SEC filings.