Stellar Acquisition III, the blank cheque vehicle headed by shipping deal-maker Akis Tsirigakis, has completed a merger with digital company Phunware.
Nasdaq-listed Stellar inked a preliminary transaction with the cloud software and blockchain company in February and the combination will see Phunware Opco take over the special purpose vehicle’s listing.
Tsirigakis was influential in the launch of what is today Star Bulk through the blank cheque vehicle Star Maritime.
When Stellar Acquisition III was established in 2016 it was expected to follow Star and another Tsirigakis venture, Nautilus Marine, into the shipping or offshore space.
However, despite its founder’s shipping background, the shopping list for deals was broad.
Stellar’s listing literature said it would not be limited by industry or geographic region, but would focus on mergers in the international oil and gas logistics, land and maritime oil and gas transportation, terminal and energy storage industries.
Tsirigakis said in a statement: “I’m pleased to be part of a very exciting company at the forefront of innovation in its sector and a vision supported primarily by a great team and solid technology.”
Maxim Group, which lead the Stellar IPO, and Graceworth, acted as financial advisors on the deal.
University of Michigan graduate Tsirigakis was a director of a director of Ocean Rig and a vice president of DryShips for a period after its takeover of Nautilus Offshore Services.
He has also a former managing director of Oceanbulk Maritime during a shipping career spanning over 35 years.
