GPS Company NextNav to Go Public in $1.2 Billion SPAC Deal

June 10, 2021 8:58 AM EDT

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Geolocation tech company NextNav announced it is going public via a merger with a special acquisition purpose company (SPAC) with Spartacus Acquisition Corporation (NASDAQ: TMTS).

The transaction is set to provide NextNav with $408 million in gross proceeds, including a $205 million PIPE investment and $203 million held in the SPAC’s trust. The company plans to use to continue expanding its businesses, developing its next-generation GPS platform, and include new offerings, one of which is already available in 4,400 cities.

Investors participating in the new PIPE include Koch Strategic Platforms, a subsidiary of the Koch Investments Group, funds managed by Fortress Investment Group, LLC, Ophir Asset Management, Woody Creek Capital Management, and Quantlab Disruptive Technologies, Iridian Asset Management LLC, and Sponsor of Spartacus.

“NextNav has spent over a decade developing its innovative 3D geolocation technology, bringing precise floor-level altitude to existing location services and in-building, resilient location and timing enhancements to traditional GPS capabilities,” said Gary Parsons, Chairman of NextNav’s Board of Directors.

The deal is expected to take the company’s pro forma enterprise valuation to roughly $900 million and reflects a pro forma market capitalization of approximately $1.2 billion, excluding redemptions.

Upon closing of the deal, the combined company will be named NextNav Inc., and its common stock will be listed on the Nasdaq under the ticker symbol “NN”.

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