NextNav Completes Redemption of Warrants and Convertible Notes
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."
