Form 8-K - Current report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 6, 2024

 

NEXTNAV INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-40985		87-0854654
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

11911 Freedom Drive, Ste. 200

Reston, Virginia 20190

[phone]

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

1775 Tysons Blvd., 5th Floor

McLean, Virginia 22102

[phone]

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		NN		Nasdaq Capital Market
Warrants, each to purchase one share of Common Stock		NNAVW		Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 8.01.              Other Events.

On August 6, 2024, the Company issued a press release announcing the Federal Communication Commission’s (the “Commission”) issuance of a Public Notice relating to the Company’s Petition for Rulemaking filed with the Commission. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
 

Item 9.01.              Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit		Description
99.1		Press release dated August 6, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 6, 2024

 

	NEXTNAV INC.
	By:	/s/ Christian D. Gates
		Name:	Christian D. Gates
		Title:	Chief Financial Officer

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FCC Takes Important Step Towards New Band Plan and Creation of Complement and Backup to GPS
NextNav Thanks FCC for Seeking Public Comment on Innovative Spectrum Solution in Lower 900 MHz Band

Reston, VA, August 6, 2024 – NextNav (Nasdaq: NN), a leader in next generation positioning, navigation, timing (PNT) and 3D geolocation, announced today that the Federal Communications Commission (FCC) released a public notice seeking comment on its innovative spectrum solution in the Lower 900 MHz band (902-928 MHz band).

On April 16, NextNav filed a rulemaking petition asking the FCC to open this proceeding to reconfigure the Lower 900 MHz band and adopt new rules to enable a terrestrial 3D PNT network to complement and back up the Global Positioning System (“GPS”). This rearrangement of the band would also free up 15 MHz of valuable low-band spectrum for 5G broadband while appropriately protecting incumbent operations.

“We appreciate the FCC’s public notice, an important next step in delivering an innovative spectrum solution in the Lower 900 MHz band,” said NextNav CEO Mariam Sorond. “Providing a complement and backup to GPS is critical for safeguarding things we need daily — from location mapping and tracking services to serving as an important tool for locating emergency callers to addressing critical infrastructure and national security needs. Moreover, our plan creates abundance from scarcity in this band by unleashing much-needed spectrum for wireless technology. These common-sense solutions can benefit consumers and our national interests at no cost to taxpayers.”

The FCC has requested comments from the public on this proceeding that are due September 5, 2024, followed by reply comments due September 20, 2024. The Commission then considers the comments and reply comments in developing proposed rules.

NextNav is the primary geographic licensee in the Lower 900 MHz Band and has used its existing licenses to develop industry-leading PNT expertise and products. However, much of this band is underutilized due to a legacy band plan and rules. Reconfiguring the band would pave the way for terrestrial PNT services as a complement and backup to GPS. It also would open 15 MHz of low-band spectrum for 5G broadband.

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.

 

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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 achievement of certain FCC-related milestones and FCC approvals, the ability to realize the broader spectrum capacity and the advancement of NextNav’s terrestrial 3D PNT services, NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav’s estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. 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, those included in Part II, Item 1A, “Risk Factors” of the Company’s quarterly reports on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the NextNav’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). 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

 

Media Contact:
Howard Waterman

[e-mail]

917-359-5505

 

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Cover	Aug. 06, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 06, 2024
Entity Registrant Name	NEXTNAV INC.
Entity Central Index Key	0001865631
Entity File Number	001-40985
Entity Tax Identification Number	87-0854654
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	11911 Freedom Drive
Entity Address, Address Line Two	Ste. 200
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
City Area Code	800
Local Phone Number	775-0982
Entity Address, Postal Zip Code	20190
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Former Address [Member]
Entity Address, Address Line One	1775 Tysons Blvd.
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
City Area Code	800
Local Phone Number	775-0982
Entity Address, Postal Zip Code	22102
Common Stock, par value $0.0001 per share
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NN
Security Exchange Name	NASDAQ
Warrants, each to purchase one share of Common Stock
Title of 12(b) Security	Warrants, each to purchase one share of Common Stock
Trading Symbol	NNAVW
Security Exchange Name	NASDAQ

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