NextNav to Acquire Additional Spectrum Licenses

By Bobby Samwell • Monday, March 11 10:28 • Permanent Link

NextNav (NASDAQ: NN) has announced its agreement to acquire additional spectrum licenses, covering an extra 4 MHz in the lower 900 MHz band (902-928). This acquisition, from Telesaurus Holdings GB LLC and Skybridge Spectrum Foundation, comes at a total purchase price of up to $50 million, to be paid through a combination of cash and NextNav common stock.

Upon close of this transaction, NextNav's combined spectrum portfolio will amount to 3.5 billion MHz-pops of low band spectrum. This move aligns with NextNav's mission to advance and strengthen positioning, navigation, and timing (PNT) services in the future as stated by NextNav CEO Mariam Sorond.

The company is set to pay $2.5 million of the purchase price in cash within 30 days of the court granting the receiver authority. The remainder will be paid for with NextNav common stock based on certain milestones, final license transfer, and various regulatory approvals.

This transaction is contingent on court and regulatory approvals, including those from the Federal Communications Commission (FCC).

NextNav Inc. is a leader in next-generation PNT, offering 3D geolocation and PNT technology powered by low-band licensed spectrum. This allows the company to deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency, and commercial use cases.

Today the company's shares have moved 15.4% to a price of $4.49. Check out the company's full 8-K submission here.

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