Business
NextNav Inc. Reports First Quarter 2023 Results
Closes $50 Million Debt Financing; Includes Potential Expansion of Notes up to $80 Million Financing Provides Multiple Years of Funding to Further Enhance
About this update from Nextnav Inc.
[{"type":"text","content":"Closes $50 Million Debt Financing; Includes Potential Expansion of Notes up to $80 Million\nFinancing Provides Multiple Years of Funding to Further Enhance Asset Platform\nFCC Approves Final License Milestones Covering 256 Cellular Market Areas\nMCLEAN, Va., May 10, 2023 /PRNewswire/ -- NextNav Inc. (NASDAQ: NN) (\"NextNav\" or the \"Company\"), a leader in next generation GPS and 3D geolocation, today reported financial results for NextNav's first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nGanesh Pattabiraman, NextNav Co-founder and CEO, stated, \"NextNav had a strong start to 2023 as we continued to see solid momentum across all areas of the business. Importantly, we are excited to announce the closing of a $50 million debt financing, which provides multiple years of funding with modest equity dilution. The new funding provides significant runway to actualize our strategic priorities, maximizing the full value of our asset-rich platform.\nWe also hit the ground running in Q1, making solid progress advancing our strategic priorities. In April, the Federal Communications Commission (FCC) concluded that NextNav has satisfied its final spectrum license construction requirements for 256 Cellular Market Areas, including most major urban centers. The FCC found NextNav's network buildout targeting urban areas and tall buildings to be in the public interest. This is a significant milestone for the business as we work to maximize the full value of our spectrum asset.\nThe team is very excited by the pace of achievements over the last several months. We closed and integrated Nestwave - which significantly reduces our future capital requirements, we received FCC license approval for our major markets, and most recently secured a key debt financing facility.\"\nRecent Operational Highlights:\nCloses $50 Million Debt Financing: On May 9, 2023, NextNav closed a private offering of $50 million aggregate principal amount of 10.00% Senior Secured First Lien Notes due December 2026 to a group of lenders, including Whitebox Advisors LLC, Susquehanna International Group and Clutterbuck Capital Management. The facility provides the ability to issue up to a maximum $80 million aggregate principal amount of Notes.FCC Order: On April 17th, 2023, the FCC concluded that NextNav has satisfied its spectrum license construction requirements fo...