Business
NextNav and Spartacus Acquisition Corporation Announce Closing of Business Combination
Combined company renamed NextNav Inc.; Common stock expected to begin trading on Nasdaq under the ticker symbol “NN” on October 29, 2021 Transaction proceeds
About this update from Spartacus Acquisition Corp. Ii
[{"type":"text","content":"Combined company renamed NextNav Inc.; Common stock expected to begin trading on Nasdaq under the ticker symbol “NN” on October 29, 2021 Transaction proceeds will accelerate NextNav’s growth strategy to enhance, extend and expand its next generation 3D geolocation technology DULUTH, Ga. and MCLEAN, Va., Oct. 28, 2021 (GLOBE NEWSWIRE) -- NextNav, a leader in next generation GPS and 3D geolocation, and Spartacus Acquisition Corporation (NASDAQ: TMTS, TMTSW, and TMTSU) (“Spartacus”), a special purpose acquisition company, today announced that they have completed their previously announced Business Combination (the “Business Combination”), which was approved by Spartacus’ stockholders at its Special Meeting held on October 27, 2021, and closed on October 28, 2021. The combined company will operate as NextNav Inc. (“NextNav”), and its common stock and warrants are expected to commence trading on Nasdaq under the ticker symbols, “NN” and “NNAVW”, respectively, on Friday, October 29, 2021. With the completion of this Business Combination, NextNav is well positioned to drive growth in its 3D geolocation businesses and prepare for expansion of its next generation GPS platform. NextNav’s Pinnacle 3D geolocation service is commercially available in over 4,400 cities and towns in the United States and its TerraPoiNT land-based radio positioning and timing network has initial deployments in 47 urban centers. Beyond its technology, NextNav also owns a global intellectual property portfolio of over 100 patents, and a one-of-a-kind portfolio of nationwide 900 MHz spectrum licenses covering 2.4 billion MHz-PoPs – a significant competitive advantage. Ganesh Pattabiraman, Co-Founder, CEO and President of NextNav said, “Reaching this milestone represents a culmination of a decade plus of innovation and a focus on creating industry leading 3D geolocation technologies that are more accurate, resilient and available. I am extremely proud of the hard work and dedication of our entire team, along with our customers, partners and investors in helping us get to this point. We are excited by the future and look forward to unlocking the potential of next generation GPS and 3D geolocation across a broad spectrum of applications and services – including public safety, Emergency 911, gaming, app and data analytics market segments not only in the US but globall...