Business
NextNav Completes Redemption of Warrants and Convertible Notes
NextNav Completes Redemption of Warrants and Convertible
About this update from Nextnav Inc.
NextNav Inc. (NASDAQ: NN) ("NextNav" or the "Company"), a leader in next-generation 3D Positioning, Navigation, and Timing (PNT) solutions, today announced the completion of two significant milestones: (i) the redemption of all outstanding public warrants (NASDAQ: NNAVW) (the “Warrants”); and (ii) the redemption of all outstanding 5.00% Senior Secured Convertible Notes due in 2028 (the “Notes”). Through these transactions, NextNav received approximately $170 million in cash proceeds from Warrant exercises and extinguished all of the Notes. These transactions were made possible by the sustained performance of NextNav's common stock (the “Common Stock”). The Company’s right to execute each redemption was triggered by achievement and maintenance of certain Common Stock closing prices for at least 20 trading days within 30 trading day periods. In the case of the Warrants, that closing price was $18.00 per share, while the Notes required a closing price in excess of 160% of their conversion price. "The completion of these two transactions marks a meaningful milestone for NextNav," said Tim Gray, Chief Financial Officer of NextNav. "By redeeming both the public warrants and the notes, we have eliminated our convertible debt and significantly reduced our warrant overhang, creating long-term financial flexibility that positions us to accelerate our mission to deliver a terrestrial complement and backup to GPS." About NextNav NextNav Inc. (Nasdaq: NN) is a leader in next-generation 3D Positioning, Navigation, and Timing (PNT) solutions. As the nation’s largest license holder in a spectrum band expressly designated for terrestrial positioning services, NextNav is uniquely positioned to enable a widescale terrestrial complement and backup to GPS. Leveraging licensed low-band spectrum and the global 5G ecosystem, NextNav is focused on delivering an accurate, reliable, and resilient 3D PNT solution to protect national security, public safety, and the economy. Learn more at www.nextnav.com. For more information, please visit https://nextnav.com/ or follow NextNav on X at https://x.com/NextNav or LinkedIn at https://www.linkedin.com/company/nextnav/. Forward-Looking Statements Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors t...