<SEC-DOCUMENT>0001213900-18-015452.txt : 20181212
<SEC-HEADER>0001213900-18-015452.hdr.sgml : 20181212
<ACCEPTANCE-DATETIME>20181113143149
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ACCESSION NUMBER:		0001213900-18-015452
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stellar Acquisition III Inc.
		CENTRAL INDEX KEY:			0001665300
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		90 KIFISSIAS AVENUE
		CITY:			MAROUSSI, ATHENS
		STATE:			J3
		ZIP:			15125
		BUSINESS PHONE:		302108764858

	MAIL ADDRESS:	
		STREET 1:		90 KIFISSIAS AVENUE
		CITY:			MAROUSSI, ATHENS
		STATE:			J3
		ZIP:			15125
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phunware, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o Wilson Sonsini Goodrich &amp; Rosati,
P.C.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>650 Page Mill Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Palo Alto, CA 94304</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: [overflow]">November 13, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of Information Technologies and Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Attention: Folake Ayoola, Special Counsel</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>Re:</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left"><B>Stellar
                                         Acquisition III Inc. </B><BR>
                                         <B>Response Letter dated October 26, 2018 to Comment Letter from the Staff dated October
                                         25, 2018 re:</B><BR>
                                         <B>Amendment No. 3 to Registration Statement on Form S-4 </B><BR>
                                         <B>Filed October 2, 2018 </B><BR>
                                         <B>File No. 333-224227</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Ms. Ayoola:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Phunware, Inc. (the
&ldquo;<B>Company</B>&rdquo;, &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo; or &ldquo;<B>our</B>&rdquo;) hereby submits this
letter to supplement the response letter from Stellar Acquisition III Inc. (the &ldquo;<B>Registrant</B>&rdquo;) dated October
25, 2018 in response to the comment letter from the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;), dated October 24, 2018 (the &ldquo;<B>Comment Letter</B>&rdquo;) regarding Amendment No.
3 to Registrant&rsquo;s Registration Statement on Form S-4 (the &ldquo;<B>Registration Statement</B>&rdquo;). Registrant has subsequently
filed with the Commission Amendment No. 4 to the Registration Statement (&ldquo;<B>Amendment No. 4</B>&rdquo;) and Amendment No.
5 to the Registration Statement (&ldquo;<B>Amendment No. 5</B>&rdquo;), reflecting a number of updating changes. A marked version
of the Registration Statement, in the form that will be filed with the Commission will also be transmitted by Registrant to the
Staff identifying all changes between Amendment No. 4 and Amendment No. 5 to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><U>Comment:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><U>General</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>Exhibit 10.22 (Form of Warrant
to Purchase Shares of Series F Preferred Stock and PhunCoin of Phunware, Inc.) to the registration statement provides that Phunware,
Inc., a reporting company and not PhunCoin the subsidiary, will issue the PhunCoin upon the initial coin offering of the PhunCoins
by Phunware. Throughout the registration statement, however, it is stated that PhunCoin, Inc., the wholly-owned subsidiary of Phunware,
will issue the PhunCoins to holders of Phunware&rsquo;s Series F convertible preferred stock who received such shares pursuant
to the Warrant. Additionally, in your response letter dated August 14, 2018, you stated that PhunCoin, Inc. will issue the PhunCoins.
It therefore appears that the disclosure is inconsistent with the terms of the Warrant and that Phunware, rather than PhunCoin,
Inc., is the issuer of the PhunCoin at the time the Warrant was entered into. Please revise your disclosure to state that the Warrant
providing for the PhunCoin will be issued by Phunware and explain how PhunCoin, Inc. could assume the obligation to issue the PhunCoins
that were sold under the terms of the Warrant. In addition, please advise how the holders of the Series F convertible preferred
stock have been advised that the PhunCoins will be issued by PhunCoin, Inc. rather than Phunware.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Response: We have informed the Registrant
that Phunware intends for its wholly-owned subsidiary, PhunCoin, Inc. (&ldquo;<B>PhunCoin Sub</B>&rdquo;) to be the issuer of
PhunCoin. Before PhunCoin Sub issues PhunCoin to the holders of the Series F Warrants (the &ldquo;<B>Series F Warrantholders</B>&rdquo;),
Phunware will obtain the requisite consents from Series F Warrantholders necessary to amend the Series F Warrants to provide for
the assignment by Phunware to PhunCoin Sub of all of Phunware&rsquo;s obligations to issue PhunCoin pursuant to the Series F Warrants.
Pursuant to the amendment, PhunCoin Sub will fully and unconditionally assume all of Phunware&rsquo;s obligations to issue PhunCoin
pursuant to the Series F Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Even though the Series F Warrants provide
that Series F Warrantholders representing a majority of the shares issuable upon exercise of any and all outstanding Series F Warrants
are able to amend the Series F Warrants, we plan to communicate with all Series F Warrantholders to seek their consent prior to
entering into any such amendment. Assuming approval, and following effectiveness of the amendment, Phunware will notify all Series
F Warrantholders that the amendment has been entered into and that its obligations to issue PhunCoin have been assigned to, and
assumed by, PhunCoin Sub. We will request the consent of all Series F Warrantholders to the amendment, and deliver subsequent notice
to all Series F Warrantholders of effectiveness of the amendment, by mail, facsimile transfer or electronic mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We thank the Staff
for its review of the foregoing. If you have further comments, we ask that you forward them by electronic mail to our counsel,
Michael Coke, Esq. at mcoke@wsgr.com.com or by telephone at (650) 565-3596, or counsel for the Registrant, Jeffrey W. Rubin, Esq.
at jrubin@egsllp.com or by telephone at (212) 370-1300.&nbsp;</P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Alan Knitowski</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alan Knitowski</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">cc:</FONT></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Michael Coke, Esq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wilson Sonsini Goodrich &amp; Rosati, P.C.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jeffrey W. Rubin, Esq.<BR>
Ellenoff Grossman &amp; Schole LLP</P></TD></TR>
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    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD>
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