McLean, Virginia-based NextNav, a company with 3D geolocation technology that can map the inside of tall buildings, will go public through a merger with special purpose acquisition company Spartacus Acquisition Corp.
The combined company will trade on the Nasdaq as NextNav Inc. under the ticker symbol “NN” and “”NNW.”
NextNav’s vertical positioning service can map locations in 3D. It is used by first responders such as firefighters to navigate the interior of multistory buildings and relies on both GPS and its own Position, Navigation and Timing system.
Its geolocation services are used in consumer apps and autonomous driving vehicles.
The IPO through the Spartacus SPAC will value the company at $1.2 billion. It expects gross proceeds of up to $408 million to be used to expand its current business and products.
Gary Parsons, who founded XM Satellite Radio, serves as NextNav chairman and will continue in that role following the public offering. Spartacus CEO and Chairman Peter Aquino will join the NextNav board when the combination closes.
NextNav co-founder and Chief Executive Ganesh Pattabiramann will continue to lead the company.
NextNav holds more than 100 patents and licenses for 2.4 billion MHz of wireless spectrum and a network that is now live in more than 4,400 cities covering 90% of all buildings taller than three stories.
The merger and subsequent public offering is expected to be completed late in the third quarter of 2021 or early in the fourth quarter.