NextNav Inc. has completed the redemption of all outstanding public warrants and 5.00% Senior Secured Convertible Notes due 2028. Through these transactions, the company received approximately $170 million in cash proceeds from warrant exercises and extinguished all of the notes. The redemptions were triggered by the sustained performance of NextNav's common stock, which met specific price thresholds for at least 20 trading days within 30-trading day periods prior to the notices of redemption.

The company's right to redeem the warrants was activated when the last reported sale price of its common stock equaled or exceeded $18.00 per share. For the convertible notes, the trigger was a closing price in excess of 160% of their conversion price. These actions eliminate the company's convertible debt and significantly reduce its warrant overhang.

Financial Impact

The completion of these transactions marks a shift in NextNav's capital structure. The following table summarizes the key financial details of the redemptions.

Tim Gray, Chief Financial Officer of NextNav, stated that the redemptions create long-term financial flexibility. He noted that eliminating the convertible debt and warrant overhang positions the company to accelerate its mission to deliver a terrestrial complement and backup to GPS.

NextNav Inc. will redeem all outstanding 5.00% Senior Secured Convertible Notes due 2028 on June 25, 2026. The company determined that the redemption conditions were satisfied after its stock price exceeded 160% of the conversion price for the required period. This action simplifies the balance sheet and enhances financial flexibility as the company advances its strategy to deliver a terrestrial complement and backup to GPS.

The Notes will be redeemed at a price equal to 100% of their principal amounts, plus accrued but unpaid interest. As of June 15, 2026, approximately $186.5 million in aggregate principal amount of Notes was outstanding. This amount is subject to adjustment in the event of conversions during the pendency of the redemption.

Holders of the Notes may elect to convert their Notes at any time prior to the close of business on the second trading day immediately prior to the Redemption Date. Any Notes not converted prior to the applicable deadline will be redeemed for the Redemption Price on the Redemption Date and will thereafter be canceled and cease to be outstanding.

Key Redemption Details

Under the terms of the Notes, the company is entitled to redeem the Notes if the closing price of NextNav's common stock exceeds 160% of the conversion price for at least 20 trading days during any consecutive 30-trading-day period ending on, and including, the trading day immediately preceding the date the company provides notice of redemption.

"With the redemption of these Notes, we continue to simplify the balance sheet and enhance financial flexibility as we continue advancing our strategy to deliver a terrestrial complement and backup to GPS," said Tim Gray, CFO of NextNav.