-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VI3uOexOWDZB8R4Nsj9GxslTBVpB64afaUItgHPMORAT4V3/8H2REBcQiCFav54g
 fYYRG9CHY8dxA4OxSb6gmQ==

<SEC-DOCUMENT>0001005477-03-001292.txt : 20030516
<SEC-HEADER>0001005477-03-001292.hdr.sgml : 20030516
<ACCEPTANCE-DATETIME>20030516172825
ACCESSION NUMBER:		0001005477-03-001292
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030516
FILED AS OF DATE:		20030516

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVATEL WIRELESS INC
		CENTRAL INDEX KEY:			0001022652
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				860824673
		STATE OF INCORPORATION:			DE

	BUSINESS ADDRESS:	
		STREET 1:		9255 TOWNE CENTRE DR
		STREET 2:		SUITE 225
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		8583208800

	MAIL ADDRESS:	
		STREET 1:		9255 TOWNE CENTRE DR
		STREET 2:		SUITE 225
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE EQUITY INVESTORS IV LP
		CENTRAL INDEX KEY:			0001027117
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31659
		FILM NUMBER:		03709349

	BUSINESS ADDRESS:	
		STREET 1:		717 FIFTH AVENUE
		STREET 2:		SUITE 1100
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127350901

	MAIL ADDRESS:	
		STREET 1:		171 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<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>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----