<SUBMISSION>
<ACCESSION-NUMBER>0001005477-03-001292
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20030516
<FILING-DATE>20030516
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>NOVATEL WIRELESS INC
<CIK>0001022652
<ASSIGNED-SIC>7370
<IRS-NUMBER>860824673
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>9255 TOWNE CENTRE DR
<STREET2>SUITE 225
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
<PHONE>8583208800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>9255 TOWNE CENTRE DR
<STREET2>SUITE 225
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>CORNERSTONE EQUITY INVESTORS IV LP
<CIK>0001027117
<STATE-OF-INCORPORATION>DE
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-31659
<FILM-NUMBER>03709349
</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>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0101</schemaVersion>

<documentType>4</documentType>
    <periodOfReport>2003-05-16</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
<issuer>        <issuerCik>0001022652</issuerCik>
        <issuerName>NOVATEL WIRELESS INC</issuerName>
<issuerTradingSymbol>NVTL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
    <reportingOwnerId>
        <rptOwnerCik>0001027117</rptOwnerCik>
            <rptOwnerName>CORNERSTONE EQUITY INVESTORS IV LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeSecurity>
        <securityTitle>
            <value>Series B Preferred Convertible Stock, par value $0.001/share</value>
        </securityTitle>
        <transactionDate>
            <value>2003-05-14</value>
        </transactionDate>
        <deemedExecutionDate>
            <value>2003-05-14</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>J</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>
            <transactionShares>
                <value>1003</value>
            </transactionShares>
            <transactionValue>
                <value>0.70</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>1003</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>
            <natureOfOwnership>
                <value>(1)</value>
                <footnoteId id="F1"/>
            </natureOfOwnership>
        </ownershipNature>
    </nonDerivativeSecurity>

    <derivativeSecurity>
        <securityTitle>
            <value>Warrants (Right to Buy)</value>
        </securityTitle>
        <conversionOrExercisePrice>
            <value>0.70</value>
        </conversionOrExercisePrice>
        <transactionDate>
            <value>2003-05-14</value>
        </transactionDate>
        <deemedExecutionDate>
            <value>2003-05-14</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>J</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>
            <transactionShares>
                <value>402083</value>
            </transactionShares>
            <transactionValue>
                <value>0.70</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <exerciseDate>
            <value>2003-09-12</value>
        </exerciseDate>
        <expirationDate>
            <value>2008-03-12</value>
        </expirationDate>
        <underlyingSecurity>
            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>
            <underlyingSecurityShares>
                <value>402083</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>563541</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>
            <natureOfOwnership>
                <value>(1)</value>
                <footnoteId id="F1"/>
            </natureOfOwnership>
        </ownershipNature>
    </derivativeSecurity>

    <footnotes>
        <footnote id="F1">(1) The holder of record of these securities is Cornerstone Equity Investors, IV, L.P., the managing general partner of which is Cornerstone Equity Investors LLC.  On May 14, 2003, Cornerstone acquired 545 shares of the Company's Series B convertible preferred stock ("Series B Stock") and secured subordinated convertible notes in original principal amount of $458,333.  These notes are convertible into 458 shares of Series B Stock.  In connection with this transaction, Cornerstone also received warrants to purchase an aggregate of 402,083 shares of common stock at an exercise price of $0.70 per share including warrants issued March 12, 2003.  The warrants are not exercisable until September 12, 2003.  The rights, preferences and privileges of these securities, including certain limitations on conversion and exercise, are set forth more fully in the Company's Definitive Proxy Statement filed on April 15, 2003 with the Securities and Exchange Commission.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Patrick T. Waters, Attorney-in-Fact</signatureName>
        <signatureDate>2003-05-16</signatureDate>
    </ownerSignature>

</ownershipDocument>

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