<SUBMISSION>
<ACCESSION-NUMBER>0001170918-03-000002
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20021231
<FILING-DATE>20030103
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>NOVATEL WIRELESS INC
<CIK>0001022652
<ASSIGNED-SIC>7370
<IRS-NUMBER>860824673
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-31659
<FILM-NUMBER>03502731
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>9360 TOWNE CENTRE DR
<STREET2>SUITE 110
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
<PHONE>8583208800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>9360 TOWNE CENTRE DR
<STREET2>SUITE 110
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<REPORTING-OWNER>
<COMPANY-DATA>
<CONFORMED-NAME>CORNERSTONE EQUITY INVESTORS IV LP
<CIK>0001027117
<RELATIONSHIP>OWNER
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>4
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>717 FIFTH AVENUE
<STREET2>SUITE 1100
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>2127350901
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>171 FIFTH AVENUE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>fm4cornerstone123102.txt
<DESCRIPTION>FORM 4 - CORNERSTONE - 12/31/02
<TEXT>
                                                  ------------------------------
                                                          OMB APPROVAL
                                                  ------------------------------
                                                  OMB Number:          3235-0287
                                                  Expires:      January 31, 2005
                                                  Estimated average burden
                                                  hours per response.........0.5
                                                  ------------------------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(h) of the Investment Company Act of 1940

|_|  Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).

(Print of Type Responses)
________________________________________________________________________________
1.   Name and Address of Reporting Person*

CORNERSTOCK EQUITY INVESTORS LLC
--------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

717 Fifth Avenue, Suite 1100
--------------------------------------------------------------------------------
                                    (Street)

New York                             NY                 10022
--------------------------------------------------------------------------------
   (City)                           (State)              (Zip)


________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

Novatel Wireless, Inc. (NVTL)
________________________________________________________________________________
3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


________________________________________________________________________________
4.   Statement for Month/Day/Year

December 31, 2002
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Day/Year)


________________________________________________________________________________
6.   Relationship of Reporting Person(s) to Issuer
     (Check all applicable)

     |_|  Director                             |X|  10% Owner
     |_|  Officer (give title below)           |_|  Other (specify below)

     ____________________________________________________________________
________________________________________________________________________________
7.   Individual or Joint/Group Filing (Check Applicable line)

     |_|  Form Filed by One Reporting Person
     |_|  Form Filed by More than One Reporting Person
________________________________________________________________________________

================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                                                 5.
                                                                                                 Amount of      6.
                                                                 4.                              Securities     Owner-
                                                                 Securities Acquired (A) or      Beneficially   ship
                                       2A.          3.           Disposed of (D)                 Owned          Form:     7.
                            2.         Deemed       Transaction  (Instr. 3, 4 and 5)             Following      Direct    Nature of
                            Trans-     Execution    Code         ------------------------------- Reported       (D) or    Indirect
1.                          action     Date, if     (Instr. 8)                   (A)             Transaction(s) Indirect  Beneficial
Title of Security           Date       any          ------------                 or              (Instr. 3 &    (I)       Ownership
(Instr. 3)                  (mm/dd/yy) (mm/dd/yy)    Code     V      Amount      (D)    Price     Instr.4)      (Instr.4) (Instr.4)
------------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>        <C>           <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>
Common Stock, par
value $0.001 per share                                                                           417,683        I         (1)
------------------------------------------------------------------------------------------------------------------------------------
Series A Preferred
Convertible Stock, par
value $0.001 per share      12/31/02   12/31/02        3,000  D                                                 I         (2)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock, par
value $0.001 per share      12/31/02   12/31/02      277,853  A                                  695,536        I         (2)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================
</TABLE>
<PAGE>


FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
            (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                          9.
                                                                                                          Number    10.
                                                                                                          of        Owner-
                                                                                                          deriv-    ship
                                                                                                          ative     Form
             2.                                                                                           Secur-    of
             Conver-                            5.                              7.                        ities     Deriv-   11.
             sion                               Number of                       Title and Amount          Bene-     ative    Nature
             or                                 Derivative    6.                of Underlying     8.      ficially  Secur-   of
             Exer-            3A.      4.       Securities    Date              Securities        Price   Owned     ity:     In-
             cise             Deemed   Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of      Follow-   Direct   direct
             Price   3.       Execut-  action   or Disposed   Expiration Date   ----------------  Deriv-  ing       (D) or   Bene-
1.           of      Trans-   ion      Code     of(D)         (Month/Day/Year)            Amount  ative   Reported  In-      ficial
Title of     Deriv-  action   Date if  (Instr.  (Instr. 3,    ----------------            or      Secur-  Trans-    direct   Owner-
Derivative   ative   Date     any      8)       4 and 5)      Date     Expira-            Number  ity     action(s) (I)      ship
Security     Secur-  (mm/dd/  (mm/dd/  ------   ------------  Exer-    tion               of      (Instr. (Instr.   (Instr.  (Instr.
(Instr. 3)   ity     yy)      yy)      Code V    (A)   (D)    cisable  Date     Title     Shares  5)      4)        4)       4)
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>     <C>               <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>     <C>       <C>      <C>
Warrants
(Right to
Buy)                                                          (3)      12/31/04           71,942  16.80             I        (2)
------------------------------------------------------------------------------------------------------------------------------------
Warrants
(Right to
Buy)                                                          (3)      06/30/05           11,594  48.60             I        (2)
------------------------------------------------------------------------------------------------------------------------------------
Warrants
(Right to
Buy)                                                          (3)      12/21/05           77,922  18.00   161,458   I        (2)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================
</TABLE>
Explanation of Responses:
(1)  Effective as of October 29, 2002,  Novatel  Wireless,  Inc. (the "Company")
     effected a  combination  of all the issued  and  outstanding  shares of its
     common stock,  $0.001 par value per share,  in a ratio of 1 share for every
     15  shares  surrendered   (hereinafter,   the  "Reverse  Split").   Further
     information about the Reverse Split may be found in the Company's filing on
     Form 8-K made with the SEC on October  22,  2002.  All the share and option
     amounts  contained  in  this  filing  on  Form 4  accordingly  reflect  the
     effectiveness of the Reverse Split.
(2)  On December 31, 2002,  Cornerstone  Equity  Investors,  LLC converted 3,000
     shares of the Company's  Series A Convertible  Preferred Stock into 277,853
     shares of the  Company's  Common  Stock,  $0.001 par value per  share.  The
     shares  issued upon such  conversion  are subject to a currently  effective
     registration statement filed with the SEC on Form S-3.
(3)  The warrants are currently exercisable.


/s/ Patrick T. Waters, Attorney in Fact                     January 2, 2003
---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

*     If the form is filed by more than one reporting person, see Instruction
      4(b)(v).

**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.

       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space is insufficient, see Instruction 6 for procedure.


                                                                          Page 2

</TEXT>
</DOCUMENT>
</SUBMISSION>
