NextNav To Acquire Additional Lower 900 MHz Band Spectrum Licenses
11 Marzo 2024 - 1:30PM
NextNav (Nasdaq: NN) (“NextNav” or the “Company”) a leader in next
generation positioning, navigation, and timing (PNT) and 3D
geolocation, today announced it has signed an agreement to acquire
spectrum licenses covering an additional 4 MHz in the lower 900 MHz
band (902-928) from Telesaurus Holdings GB LLC, and Skybridge
Spectrum Foundation. NextNav is acquiring the additional spectrum
licenses for a total purchase price of up to $50 million, paid for
through a combination of cash and NextNav common stock. The
acquired licenses are in the same lower 900 MHz band as NextNav’s
current licensed spectrum.
“We are excited to add additional spectrum licenses to our
portfolio and following the close of this significant transaction,
NextNav’s combined assets will total 3.5 billion MHz-PoPs of low
band spectrum,” stated NextNav CEO Mariam Sorond. “Acquiring these
licenses in the same lower 900 MHz band as our current licensed
spectrum will provide NextNav with broader capacity to advance and
strengthen PNT services in the future.”
Per the terms of the agreement, $2.5 million of the purchase
price will be paid in cash due within 30 days of the court granting
the receiver authority. The remainder will be paid for with NextNav
common stock based on the achievement of certain milestones, final
license transfer and various regulatory approvals.
The transaction is subject to Court as well as regulatory
approvals, including by the Federal Communications Commission.
About NextNav Inc.
NextNav Inc. (Nasdaq: NN) is a leader in next generation
positioning, navigation and timing (PNT), enabling a whole new
ecosystem of applications and services that rely upon 3D
geolocation and PNT technology. Powered by low-band licensed
spectrum, NextNav's positioning and timing technologies deliver
accurate, reliable, and resilient 3D PNT solutions for critical
infrastructure, GPS resiliency and commercial use cases.
For more information, please visit https://nextnav.com/ or
follow NextNav on Twitter or LinkedIn.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
statements, which involve risks and uncertainties, relate to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to NextNav’s future prospects, developments and
business strategies. In particular, such forward-looking statements
include the approval by the FCC of the transfer of the licenses,
closing of the transactions described herein, the achievement of
certain FCC-related milestones, the ability to realize the broader
spectrum capacity and the advancement of NextNav’s PNT services,
NextNav’s position to drive growth in its 3D geolocation business
and expansion of its next generation PNT technologies, the business
plans, objectives, expectations and intentions of NextNav, and
NextNav’s estimated and future business strategies, competitive
position, industry environment and potential growth opportunities.
These statements are based on NextNav’s management’s current
expectations and beliefs, as well as a number of assumptions
concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside NextNav’s control that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (1)
the risk that the requisite regulatory approvals are not obtained
and the closing of the transaction does not occur; (2) the risk
that the consummation of the transactions disrupts current plans
and operations of NextNav; (3) the ability to recognize the
anticipated benefits of the transactions, which may be affected by,
among other things, competition, the ability of NextNav to grow and
manage growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (4) costs
related to the transactions; (5) the possibility that NextNav may
be adversely affected by other economic, business and/or
competitive factors; and (6) other risks and uncertainties
indicated from time to time in other documents filed with the SEC
by NextNav. New risks and uncertainties arise from time to time,
and it is impossible for NextNav to predict these events or how
they may affect the Company. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made, and NextNav undertakes no commitment to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: NN-FIN
Contacts:
Erica BartschSloane & Companyebartsch@sloanepr.com
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