NextNav redeems warrants and convertible notes, raising $170M

NextNav Inc. (NASDAQ: NN) has completed the redemption of all outstanding public warrants (NASDAQ: NNAVW) and all outstanding 5.00% Senior Secured Convertible Notes due in 2028, according to a company statement.

The transactions generated approximately $170 million in cash proceeds from warrant exercises and eliminated all of the convertible notes.

The redemptions were triggered by NextNav's common stock reaching and maintaining certain closing price thresholds for at least 20 trading days within 30 trading day periods. The warrant redemption required a closing price of $18.00 per share, while the notes required a closing price exceeding 160% of their conversion price.

Tim Gray, Chief Financial Officer of NextNav, said the transactions eliminated the company's convertible debt and reduced its warrant overhang, adding that the moves create "long-term financial flexibility."

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