NextNav raises $190M via 5% convertible notes led by M-Cor and Fortress; to redeem $70M 10% notes

NEXTNAV INC.

$190M aggregate principal of 5.00% Senior Secured Convertible Notes due 2028; conversion price $12.56/share.
Warrants to purchase up to 7.8M shares at exercise prices from $12.56 to $20.00 issued to Lead Investors.
Net proceeds to redeem $70M of 10% Senior Secured Notes due 2026 at 101% of principal plus accrued interest.
Transaction led by M-Cor Capital (Milken Family Office) and Fortress Investment Group; expected close March 31, 2025.

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