NextNav SPAC Presentation Deck
Transaction summary
$ AND UNITS IN MILLIONS, EXCEPT PER SHARE VALUES
Sources
SPAC cash in trust (assumes 100% roll)(¹)
Target rollover equity(2)
PIPE (3)
Total sources
Uses
Shares to target shareholders(2)
Cash to balance sheet
Debt paydown(4)
Est. fees and expenses(5
Total uses
Note: NextNav balance sheet date as of 3/31/21.
(1)
Assumes no redemptions in connection with business combination.
(2) Based on fixed equity rollover of 75mm shares at $10.00 per share,
including employee equity.
(3) Assumes $205mm of PIPE proceeds at purchase price of $10.00 per share.
(4) Pro forma for $5mm drawdown of existing Fortress facility; excludes
PIK interest accrued between 3/31/21 and transaction close.
(5)
(6)
$203
750
205
$1,158
$750
291
82
35
$1,158
Pro forma valuation
Pro forma FDSO(6)
Illustrative share price
Pro forma market cap
(-) Pro forma cash (7)
Pro forma enterprise value
Pro forma ownership
Estimated total transaction expenses for both NextNav and Spartacus.
Assumes the exercise or conversion of any options, warrants or other
convertible securities.
(7)
Pro forma cash balance of $308mm as of 3/31/21. Cash balance is pro forma
for $12mm of existing cash on balance sheet and $5mm drawdown of Fortress
facility; excludes impact of cash burn between 3/31/21 and transaction close.
PIPE Shares
17%
Sponsor
Shares
4%
SPAC Public
Shareholders
17%
N NEXTNAV
121
$10.00
$1,205
(308)
$897
Target
Shareholders
62%
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