Stellar Acquisition III Inc. - STLRU = 1C + 1W - Now Phunware PHUN
1 Warrant plus 11.50 buys one whole share. Call 21.
In connection with the consummation of the business combination, Opco waived the minimum cash condition contained in the Merger Agreement, and each of Stellar's sponsors and other officers, directors and insiders who held founder shares signed a lock-up for 180 days after the closing to replace any existing lock-up arrangements.
Immediately after giving effect to the Business Combination (including the redemptions and the issuance of shares in the Series A Financing, both described above), there were approximately 27.9 million shares of common stock and warrants to purchase approximately 18.2 million shares of common stock of Phunware issued and outstanding.
Stellar Special Meeting will be held at 10:00 a.m. Eastern Time, on November 30, 2018, at the offices of Ellenoff Grossman & Schole LLP, at 1345 Avenue of the Americas, 11th Floor, New York, New York 10105,
Stellar has fixed the close of business on November 12, 2018, as the Stellar Record Date for determining Stellar shareholders entitled to notice of and to attend and vote at the Stellar Special Meeting
Phunware can cancel if cash is below $19mm.
Extended to December 26, 2018 total $0.16 per share liquidation will be approximately $10.64 per share, in comparison to the current redemption amount of approximately $10.48 per share. Add .04/month.
1,695,830 redeemed. $17,772,299 was removed from Stellar’s trust account... balance of the trust account to fall below the Minimum Cash Asset Level as defined in the Merger Agreement.
Left in trust ~ As of September 28, 2018, there was cash and marketable securities held in the Trust Account of approximately $19.58 million.
Stellar extended to August 24 - Announcement- 3,353,060 public shares redeemed. ~ $34,787,998 (or approximately $10.375 per share) removed from trust. Sponsor will contribute approximately $124,165 - Adding .035/share/mo.
August 24, 2018 trust will be ~ $10.48 per share.
The Merger Agreement is subject to standard conditions to the Closing. In addition, the Closing is subject to the following additional conditions: Stellar has at least $40 million cash, net of its unpaid expenses and liabilities. Unless Stellar is able to obtain sufficient additional financing, or Phunware agrees to modify or waive the minimum cash asset level condition, Stellar will be unable to satisfy the conditions to the closing of the initial business combination, and the initial business combination will not occur.
Extended to May 24, 2018. Will add .058/sh to trust. Trust will total ~$10.38.
On May 3, 2018, Stellar Acquisition III Inc. - special meeting to be held on May 22, 2018. This supplement is being filed to (i) shorten the Extended Date (as defined below) in Proposal No. 1 in the Proxy Statement from November 26, 2018 to August 24, 2018, and (ii) to increase the Contribution (as defined below) amount being loaned by the Company’s Sponsor (as defined below) from $0.02 to $0.035 per month for each public share that is not redeemed. April 25, set a record date of April 30, 2018 -- meeting date of May 22, 2018 to extend to complete its initial business combination with Phunware.
Initially focused on Energy Logistics, merger target Phunware is in Mobile Cloud Software and Blockchain.
Trust approximately $72 mm.
Maxim, Chardan, Earlybird
Nov 24, 2017 second extension to Feb 24, 2018. Sponsor deposited to trust $402,536 or .058
On Aug 24/17, First extension to November 24, 2017. -- $0.58 added to trust.
- The Sponsors have the option of a third extension of an additional three months, up to May 24, 2018, by depositing an aggregate of $402,536 (less interest earned on the funds in the Trust Account available for withdrawal) into the Company's trust account, representing $0.058 per public share.
Dominium Investments Inc. and Firmus Investments Inc. have committed to purchase an aggregate of 7,650,000 warrants (or 8,430,000 warrants if the underwriters’ over-allotment option is exercised in full) at a price of $0.50 per warrant ($3,825,000 in the aggregate, or $4,215,000 in the aggregate if the underwriters’ over-allotment option is exercised in full) in a private placement that will close simultaneously with the closing of this offering. pursuant to the laws of the Republic of the Marshall Islands
We believe that the international oil and gas logistics, land and maritime oil and gas transportation, terminal and energy storage industries, which we refer to in this prospectus as the “energy logistics industry,” presents attractive opportunities for consolidation and growth and a favorable area in which to attempt to consummate a business combination
Messrs. Tsirigakis and Syllantavos, our co-Chief Executive Officers, were founders, officers and directors of two blank check companies that consummated business combinations, Nautilus Marine Acquisition Corp., which we refer to as Nautilus Marine, and Star Maritime Acquisition Corp.
September 28, 2016 —Stellar Acquisition III Inc. (NASDAQ: STLRU) (the"Company"or"Stellar")announced today that it has consummated the sale of an additional 400,610 units pursuant tothe partial exercise
of the underwriters' over-allotment option in connetion with the Company’s initial public offering. The additional units were sold at $10.00 per unit, generating additionalgross proceeds of $4,006,100 to the Company and bringing the total gross proceeds of the initial public offering to approximately $69 million.
We will have until 12 months from the closing of this offering to consummate our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination within 12 months, we may extend the period of time to consummate a business combination up to three times, each by an additional three months (for a total of up to 21 months ----
upon five days advance notice prior to the applicable deadline, must deposit into the trust account $379,167, or $436,042 if the underwriters’ over-allotment option is exercised in full ($0.058 per unit in either case), up to an aggregate of $1,137,501 (or $1,308,126 if the underwriters’ over-allotment option is exercised in full), or $0.175 per unit, on or prior to the date of the applicable deadline, for each three month extension.
George Syllantavos - co-CEO & CFO
Stellar Acquisition III Inc.
90 Kifissias Avenue,
Maroussi 15123, Athens, Greece
Investor Relations / Media Contact:
Daniela Guerrero - Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526