- June 10, 2021
- Posted by: Stratford Team
- Category: Markets
(RTTNews) – NextNav, a provider of next generation GPS, and Spartacus Acquisition Corp. (TMTS, TMTSW, and TMTSU), a special purpose acquisition company, announced Thursday a definitive merger agreement, which will result in NextNav becoming a public company.
Upon the deal closure, the combined company will be named NextNav Inc., and its common stock and warrants will be listed on the Nasdaq under the ticker symbol “NN” and “NNW”, respectively.
NextNav expects gross proceeds of up to $408 million from the business combination to be used to fuel growth in its current businesses, continue to build NextNav’s next generation GPS platform, expand products one of which is already deployed in 4,400 cities, and to expand its land-based radio positioning and timing network.
NextNav’s platform serves a $100 billion global total addressable market in public safety, e911, mass market consumer apps, eVTOLs, UAVs and autonomous vehicles, IoT and critical infrastructure, and many other sectors.
Beyond its technology and intellectual property, NextNav owns a one-of-a-kind portfolio of nationwide spectrum licenses for 2.4 billion MHz-PoPs of 900 MHz spectrum.
NextNav will continue to be led by Ganesh Pattabiraman, Co-Founder, CEO and President of NextNav.
Gary Parsons, Chairman of NextNav’s Board of Directors for the past 10 years, will continue in that role. Peter Aquino, Chairman of the Board and CEO of Spartacus, will also join the NextNav Board of Directors upon closing of the business combination.
The full NextNav management team, including Co-Founder, Dr. Arun Raghupathy, as SVP of Engineering, Chris Gates as CFO, and David Knutson as SVP of Network Operations and Deployment, will continue to manage NextNav.