RESTON, Va.—Raghupathy Arun, Senior Vice President of NextNav Inc. (NASDAQ:NN (NASDAQ:NNBR)), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Arun sold 3,332 shares of common stock on December 16 at a price of $18.32 per share, totaling approximately $61,042. The transaction comes amid NextNav's remarkable year, with the stock posting a 294% gain year-to-date according to InvestingPro data.
Following this transaction, Arun retains ownership of 1,087,019 shares in the company. The sale was made to satisfy tax obligations related to the vesting of restricted stock units.
NextNav, based in Reston, Virginia, specializes in advanced location services and continues to position itself within the search, detection, and navigation industry.
In other recent news, NextNav reported a year-over-year increase in revenue for Q3 2024, with a jump from $1.0 million to $1.6 million. The company also managed to reduce its net loss for the quarter to $13.6 million, showing a substantial improvement from the $23.2 million loss in the same quarter of the previous year. Despite these positive developments, NextNav does not anticipate the FCC (BME:FCC)'s Notice of Proposed Rule-Making to be adopted in 2024.
The company has been actively engaging with the FCC, with over 1,800 comments filed in favor of NextNav's proposal to enhance terrestrial Positioning, Navigation, and Timing services. Further engagement with the FCC, including potential notices of proposed rule-making, is expected. Relationships with various stakeholders are being prioritized for future infrastructure developments.
CEO Mariam Sorond confirmed that the federal government, particularly the Department of Defense and Department of Energy, are primary users of NextNav's service. The company highlighted an economic analysis estimating a $14.6 billion public benefit from its proposal to prevent financial losses during GPS outages. Further updates on the company's progress are expected in the next quarterly call. These are the recent developments for NextNav.
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