GPS firm NextNav and Spartacus Acquisition Corp, a special-purpose acquisition firm, has entered right into a definitive merger settlement that may end in NextNav changing into a public firm. The mixed firm will probably be named NextNav Inc. Its frequent inventory and warrants will probably be listed on the Nasdaq underneath the ticker image “NN” and “NNW”, respectively.
Gross proceeds of as much as $408 million from the enterprise mixture are anticipated for use to gasoline development in its present companies, proceed to construct NextNav’s next-generation GPS platform, develop merchandise (one among which is already deployed in 4,400 cities), and to develop its land-based radio positioning and timing community.
The NextNav platform serves a $100 billion international complete addressable market in public security, E911, mass-market client apps, eVTOLs, UAVs and autonomous automobiles, web of issues (IoT), crucial infrastructure and different sectors. Beyond its expertise and mental property, NextNav owns a portfolio of nationwide spectrum licenses for two.Four 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 administrators for the previous 10 years and can proceed in that function. Peter Aquino, chairman of the board and CEO of Spartacus, may also be part of the NextNav board upon closing of the enterprise mixture. Aquino has led a number of firms by means of fiber and wi-fi operations and community deployments, and the event of overlay applied sciences designed to drive new income streams.
NextNav will proceed to be led by Ganesh Pattabiraman, the corporate’s co-founder, CEO and president. Pattabiraman, who began at Qualcomm, has expertise in constructing scalable location applied sciences utilizing terrestrial and satellite-based applied sciences,
In addition, the total NextNav administration crew — co-founder Arun Raghupathy, SVP of Engineering; Chris Gates, CFO; and David Knutson, SVP of Network Operations and Deployment — will proceed to handle NextNav.