New Investment Led by M-Cor Capital, LLC and Fortress Investment Group Existing 10% Senior Secured Notes to be Redeemed RESTON, Va., March 12, 2025 (GLOBE NEWSWIRE) -- NextNav Inc.(the "Company" or "NextNav”) [NASDAQ: NN], a leader in next-generation positioning, navigation, and timing ("PNT”) and 3D geolocation, today announced it had entered into a purchase agreement for the sale of $190 million of 5% redeemable senior secured convertible notes (the "New Notes”).
At closing, each of M-Cor and Fortress will receive warrants to purchase 1.5 million shares of NextNav common stock exercisable at $20 per share, warrants to purchase 950 thousand shares of common stock at an exercise price of $17 per share, and warrants to purchase 1.45 million shares at an exercise price of $12.56 per share. The New Notes and the warrants were not registered under the Securities Act of 1933, as amended (the "Securities Act”) or any state securities laws and may not be offered or sold absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
"We later participated in the PIPE as part of NextNav going public and are excited to invest alongside Josh and the M-Cor team as NextNav works to solve a critical infrastructure issue with a backup to GPS while improving the US 5G ecosystem.” Transaction Details The New Notes will have a conversion price of $12.56 per share, based on a 20% premium to the trailing 10-day closing price average prior to March 11, 2025.
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