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NextNav Announces Acquisition of Nestwave

NextNav a leader in next generation GPS and 3D geolocation, today announced that it acquired Nestwave SAS (“Nestwave”), a privately held global leader in low-power geolocation, for an enterprise value of $18.0 million with a gross consideration value of $19.3 million, consisting of $4.3 million in cash and $15.0 million in NextNav common stock. The transaction closed on October 31, 2022.

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Based in Neuilly-sur-Seine, France, Nestwave provides advanced geolocation solutions to Internet of Things (“IoT”) modem and digital signal processor vendors and end IoT users. 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 (“PNT”) capabilities which will contribute to dramatically lower deployment costs. The Company expects to reduce its deployment costs by approximately 75% or in excess of $250 million, along with a commensurate reduction in associated network OpEx costs, enabling it to serve the crucial markets of timing for critical infrastructure, aviation, automotive, IOT and other mass market applications sooner.

“The acquisition of Nestwave presents a unique opportunity for NextNav to optimize further the use of its existing spectrum bandwidth, while contributing to a drastic decrease of our TerraPoiNT system’s future capital and operating expenditures,” said Ganesh Pattabiraman, NextNav Co-founder and CEO. “By leveraging Nestwave’s unique technology and ambient LTE/5G waveform, NextNav can gain significant spectral efficiency, accelerate the availability of resilient PNT and release the underlying spectrum’s capacity for additional data-oriented services.  An LTE/5G waveform also enables broader penetration of NextNav’s applications and technology across the handset and device ecosystem for all of its products and target markets.”

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Mr. Pattabiraman continued, “Nestwave brings not only a physical presence in Europe, but also a team of professionals who have established strong relationships with European Union representatives that will be beneficial as we continue active conversations with government officials in the US, Europe and globally over GPS/GNSS resilience. The transaction is not expected to materially increase the Company’s operational cash burn, and the lowered capital requirements will enable us to quickly scale our GPS resiliency capabilities in both the US and global markets sooner than previously anticipated.”

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