NextNav Announces Appointment of Jonathan Marcus to Board of Directors

MCLEAN, Va., May 16, 2024 (GLOBE NEWSWIRE) -- NextNav (NASDAQ:NN) ("NextNav" or the "Company") a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today announced the appointment of Jonathan A. Marcus to the Company's Board of Directors, effective May 16, 2024.

"We are excited to have Jon join the NextNav Board of Directors," said NextNav CEO Mariam Sorond. "Jon brings extensive financial capital markets, business strategy, and corporate finance expertise that will help NextNav further its strategic vision for a complement and back up to GPS while also unleashing much-needed spectrum for broadband."

Mr. Marcus currently serves as the Chairman of Alimco Financial Corp., ("Alimco") and previously served as CEO of Alimco from March 2019 to May 2023. He is also currently on the board of directors for Anacomp, Inc. and Kaspien Holdings Inc. Earlier in his career, Mr. Marcus was a managing member and co-founder of Broadbill Partners, L.P., a fund focused on special situations and distressed securities. Prior to Broadbill, Mr. Marcus was the Chief Investment Officer of Cypress Management, L.P., the predecessor fund to Broadbill, which he founded in 1995. Mr. Marcus' career also includes extensive investment banking and financial advisory work at Prudential-Bache Securities and Credit Suisse First Boston. Since January 2018, Mr. Marcus has served as Special Advisor to Milfam LLC.

"I am pleased to be joining the NextNav Board of Directors," stated Mr. Marcus. "The Company is at an exciting inflection point in its growth trajectory and I look forward to supporting the leadership team as they continue to execute on their innovative spectrum solution in the Lower 900 MHz band," said Mr. Marcus.

About NextNav Inc.

NextNav Inc. (NASDAQ:NN) is a leader in next generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav's positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.

For more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.

Source: NN-FIN

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as " "may," "anticipate," "believe," "expect," "intend," "might," "plan," "possible," "potential," "aim," "strive," "predict," "project," "should," "could," "would," "will" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav's future prospects, developments and business strategies. In particular, such forward-looking statements include the approval by the FCC of the transfer of the licenses, closing of the transactions described herein, the achievement of certain FCC-related milestones, the ability to realize the broader spectrum capacity and the advancement of NextNav's terrestrial 3D PNT services, NextNav's position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav's estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav's management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that the requisite regulatory approvals are not obtained; (2) the ability to recognize the anticipated financial and other benefits of the transactions, which may be affected by, among other things, competition, the ability of NextNav to manage costs and otherwise grow its business profitably, maintain relationships with customers and suppliers and retain its management and key employees; and (3) the possibility that NextNav may be adversely affected by other economic, business and/or competitive factors. New risks and uncertainties arise from time to time, and it is impossible for NextNav to predict these events or how they may affect the Company. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. For additional information regarding risk factors, see Part II, Item 1A, "Risk Factors" of the Company's quarterly report on Form 10-Q, and Part I, Item 1A, "Risk Factors" of the NextNav's Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC").

Contact:

Erica Bartsch

Sloane & Company

[email protected]