Startups

NextNav is going public after a SPAC deal valuing the company at $1.2B

The McLean-based geolocation company began trading on the Nasdaq Friday morning under the symbol NN.

The company began trading on the Nasdaq Friday morning.

(Photo via @NextNav on Twitter)

NextNav, the McLean, Virginia-based geolocation software company, made its public trading debut on Friday morning following a merger deal.

The public offering follows a deal with Georgia special purpose acquisition company (SPAC) Spartacus Acquisition Corporation, which was completed Thursday, October 28. NextNav was estimated to make $408 million in the deal, which was announced this summer, valuing the company at $1.2 billion. Of the proceeds, $203 million is a cash payment from Spartacus and $205 million is a PIPE round from investors such as Koch Strategic Platforms, Fortress Investment Group, Ophir Asset Management, Woody Creek Capital Management, Quantlab Disruptive Technologies and Iridian Asset Management.

The merger deal will combine both companies, operating under the name NextNav. The combined firm is now trading on the Nasdaq under the symbol NN for its common stock and NNAVW for its warrants.

NextNav specializes in creating a GPS product that works “from the ground up” and with a “floor-level altitude,” complete with cybersecurity protections. Unlike many other offerings, users can navigate indoors using cell phones with its system, and it’s available in urban settings for autonomous vehicles and drones.

NextNav cofounder and CEO Ganesh Pattabiraman said that the SPAC deal will allow for significant growth for its GPS platform. Its technology is currently used in thousands of cities across the US.

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“Reaching this milestone represents a culmination of a decade-plus of innovation and a focus on creating industry-leading 3D geolocation technologies that are more accurate, resilient and available,” Pattabiraman said in a statement. “I am extremely proud of the hard work and dedication of our entire team, along with our customers, partners and investors in helping us get to this point. We are excited by the future and look forward to unlocking the potential of next-generation GPS and 3D geolocation across a broad spectrum of applications and services — including public safety, emergency 911, gaming, app and data analytics market segments not only in the US but globally.”

NextNav will maintain its current leadership, however, Spartacus CEO Peter Aquino and Director Alan Howe will both be joining the company’s board of directors.

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