Stellar Acquisition III Inc. (NASDAQ: STLR) (the "Company" or "Stellar") today announced that the Company's sponsors (the "Sponsors") have deposited into the Company's trust account (the "Trust Account"), an aggregate of $402,536 (including interest earned on the funds in the Trust Account available for withdrawal), representing $0.058 per public share. As a result, the period of time the Company has to consummate a business combination has been extended by three months to February 24, 2018.
The Sponsors will have the option, but no obligation, to extend such term by an additional three months, up to May 24, 2018, by depositing an aggregate of $402,536 (less interest earned on the funds in the Trust Account available for withdrawal) into the Company's trust account, representing $0.058 per public share.
