NextNav Inc. (NASDAQ: NN), a leader in next generation GPS and 3D geolocation, today announced that certain members of NextNav’s executive leadership team sold approximately 796 thousand shares of NextNav’s common stock on November 15, 2022, as reported with the SEC on Form 4. The sale of common shares was primarily done to cover tax obligations associated with the vesting of certain restricted stock units and awards.
Simultaneously, entities controlled by NextNav Director, Neil Subin, purchased approximately 280 thousand shares, also reported on Form 4.
NextNav executives selling shares include, Chairman Gary Parsons, CEO Ganesh Pattabiraman, CFO Chris Gates, SVP Systems Engineering Arun Raghupathy and SVP Network Operations David Knutson.
NextNav continues to build on its leadership position in next generation GPS and 3D geolocation with a commitment to its three key strategic priorities, including being the industry leader in resilient PNT, unleashing the full value of its spectrum, and expanding its global reach.
As part of this commitment, the Company recently announced the acquisition of Nestwave SAS, a privately held global leader in low-power geolocation. The combination of NextNav’s technology with Nestwave’s LTE/5G capabilities will allow NextNav to intelligently combine signals from existing terrestrial LTE/5G networks with its own highly synchronized TerraPoiNT system to deliver near nationwide resilient 3D position, navigation and timing capabilities, which will contribute to dramatically lower deployment costs as well as greater spectral efficiency.
About NextNav Inc.
NextNav Inc. (Nasdaq: NN) is a leader in next generation GPS, enabling a whole new ecosystem of applications and services that rely upon vertical location and resilient geolocation technology. The Company’s Pinnacle network delivers highly accurate vertical positioning to transform location services, reflecting the 3D world around us and supporting innovative, new capabilities. NextNav’s TerraPoiNT network delivers accurate, reliable, and resilient 3D positioning, navigation and timing (PNT) services to support critical infrastructure and other GPS-reliant systems in the absence or failure of GPS.