NextNav, a Leader in Next Generation GPS, to Combine with Spartacus Acquisition Corporation Resulting in NextNav Becoming a Public Company
NextNav and Spartacus Acquisition Corporation announced their entry into a definitive merger agreement (the “Merger Agreement”) that will result in NextNav becoming a public company. Upon closing of the business combination (the “Transactions”), 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.
Gross proceeds of up to $408 million from the business combination are expected 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. The NextNav 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.
Gary Parsons, former Chairman of the Board of Sirius XM Radio, has served as Chairman of NextNav’s Board of Directors for the past 10 years and 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. Mr. Aquino brings invaluable expertise having led several companies through fiber and wireless operations and network deployments, and the development of overlay technologies designed to drive new revenue streams.
NextNav will continue to be led by Ganesh Pattabiraman, Co-Founder, CEO and President of NextNav, whose rich experience in building scalable location technologies using terrestrial and satellite-based technologies started in places such as Qualcomm and led to the creation of NextNav. In addition, 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.
