Business
NextNav Inc. Reports Fourth Quarter and Full Year 2023 Results
Announced Transaction to Acquire Additional 900 MHz Spectrum Licenses Mariam Sorond Joins as NextNav CEO MCLEAN, Va., March 13, 2024 (GLOBE NEWSWIRE) --
About this update from Nextnav Inc.
[{"type":"text","content":"Announced Transaction to Acquire Additional 900 MHz Spectrum Licenses Mariam Sorond Joins as NextNav CEO MCLEAN, Va., March 13, 2024 (GLOBE NEWSWIRE) -- NextNav Inc. (NASDAQ: NN) (“NextNav” or the “Company”) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported financial results for NextNav’s fourth quarter and full year ended December 31, 2023. Mariam Sorond, NextNav CEO stated, “It’s been an incredible first 100 days as the CEO of NextNav. I have met directly with our team and partners and see the potential to explore options to enhance our next generation PNT technology through optimized use of our valuable spectrum asset. In line with this strategy, we recently signed an exciting agreement to acquire additional spectrum licenses covering 4 MHz in the lower 900 MHz band. Following close, this significant transaction will bring NextNav’s combined spectrum assets, including its existing 8MHz of contiguous 900 MHz spectrum, to a total of 3.5 billion MHz-PoPs of low band spectrum. PNT powered by low-band spectrum with optimized use is a unique and powerful opportunity to help to address many of the challenges faced by both the public and private sectors, including national security and public safety. As we move forward, we are taking a fresh look at our entire offering and considering how best to take full advantage of our valuable spectrum assets to drive growth and long-term shareholder value.” Recent Operational Highlights Acquires Additional 900 MHz Spectrum Licenses: On March 11, 2024, NextNav announced it had signed an agreement to acquire spectrum licenses covering an additional 4 MHz in the lower 900 MHz band for a total purchase price of up to $50 million. Following close, NextNav’s combined spectrum assets, including its existing 8MHz of contiguous 900 MHz spectrum, will total 3.5 billion MHz-PoPs of low band spectrum.Mariam Sorond Named New Chief Executive Officer: Mariam Sorond, a veteran industry leader, was appointed NextNav’s new Chief Executive Officer, effective November 29, 2023. Ms. Sorond joins NextNav with over 28 years of technical and strategy experience in the telecommunications industry, including extensive spectrum expertise and proven track record of evolving telecommunication technology and strategy.Appointed John Muleta to Board of Directors: NextNav ...