News coming from Athens, Greece on Wednesday, November 14, 2018, indicate that Stellar Acquisition III, Inc. registration statement has been declared effective. The statement on the S-4 Form is inclusive of a substitute declaration directly connected to the firm’s main investors, and whose effectiveness was declared by the SEC a day prior to the release of the announcement.
In the meeting being proposed, all Stellar investors are expected to participate in a proposed ballot that seeks to merge Stellar with Phunware, Inc. The ballot will also seek to change the Stellar’s registration details, which will see it being re-domesticated.
Its re-domestication will see the company become a Delaware corporation thereby doing away with its Marshall Islands incorporation. Once the unification process is completed, the company will officially undergo a name change. Moving forward, Stellar, Inc. will now be referred to as Phunware, Inc.
The company has already set a date when the investors are expected to hold the special ballot. Any person who had invested in the company by 12th November 2018 is an investor of record and has been invited for the ballot to be held on the 30th of November, 2018.
A closer look at the unification document reveals that all Phunware investors will be issued with a Stellar parity security. The value of the equity to be issued to each investor will be based on the company’s current value, which stands at $301 million. The equity will, however, be subjected to the normal debt and cash alterations.
Once the unification process has been completed, any remaining proceeds from the Stellar account are to remain with the firm. They will be used to fund its operations and future expansion plans. It is important to note that this unification will be subjected to various terms and conditions before it can be approved.
One of these conditions is the fact that Stellar ought to have a minimum of nineteen million dollars in cash or its equivalents. The firm should also be in a position to pay off all its liabilities as well as debts. This is in addition to being in a position to provide the monies required for the recoveries.
Additional Information On Stellar
Stellar is a blank check firm registered in the Marshall Islands. In other words, it is a SPAC or Special Purpose Acquisition firm. It was started with the main purpose of helping facilitate a unification or the purchase of a particular asset.
Its stock and units are at the moment trading at the Nasdaq Capital Markets using the codes STLRW, STLR, and STLRU. These codes will become extinct as soon as the unification process has been completed. This will lead to the introduction of the new symbols, which are PHUNW and PHUN.
Additional Information On Phunware
Phunware is a blockchain-based company that provides services, software, data, and solutions that make it possible for global brands to engage in meaningful connections with customers using their handheld devices.
Crypto enthusiasts need to be registered on Coinlist for them to get access to its coin. The company has more than 200 employees and has been in the industry for more than nine years. So far, it has managed to raise more than $100 million in form of capital.