SCHEDULE 13D/A: New Enterprise Associates Reduces Stake in NextNav Inc. Below 5% Threshold
Beneficial Ownership Change
New Enterprise Associates 14, L.P. has distributed 8.19 million shares of NextNav Inc. common stock to its partners, resulting in the investment group no longer beneficially owning 5% or more of the company.
Summary
- New Enterprise Associates 14, L.P. (NEA 14) completed a pro rata distribution of 8,189,156 shares of NextNav Inc. common stock to its general and limited partners on January 3, 2025.
- This distribution was made for no consideration.
- Following this transaction, NEA 14 and its related reporting persons (NEA Partners 14, L.P., NEA 14 GP, LTD, Forest Baskett, Anthony A. Florence, Jr., Mohamad H. Makhzoumi) ceased to beneficially own five percent (5%) or more of NextNav Inc.'s Common Stock.
- As of January 6, 2025, Patrick J. Kerins, a reporting person, holds 75,627 shares, representing 0.1% of the outstanding common stock.
- Scott D. Sandell, as trustee of the Blue Mountain Trust, beneficially owns 63,352 shares as of January 6, 2025.
- The beneficial ownership percentage calculation is based on 128,864,792 shares of Common Stock reported by NextNav Inc. as outstanding on November 8, 2024, in its Form 10-Q filed on November 13, 2024.
Sentiment
Score: 5
Explanation: The document is a factual report of a change in beneficial ownership by an investment group, not a performance update or strategic announcement by NextNav Inc. As such, it carries a neutral sentiment regarding the company's operations.
Future Outlook
The document does not provide any forward-looking statements or guidance regarding NextNav Inc.'s operations or financial performance.
Industry Context
This filing is a standard disclosure of a change in beneficial ownership by an investment fund and does not provide specific insights into broader industry trends or the competitive landscape for NextNav Inc.
Stakeholder Impact
- Shareholders: The reduction of a significant institutional investor's stake below the 5% threshold could lead to increased trading volume or perceived shifts in institutional confidence, potentially impacting share price.
Key Dates
| Date | Description |
|---|---|
| 2019-04-29 | Date of the Blue Mountain Trust establishment, which holds NextNav Inc. shares beneficially owned by Scott D. Sandell. |
| 2024-02-29 | Date of the Power of Attorney agreement authorizing individuals to sign SEC filings on behalf of the reporting persons. |
| 2024-11-08 | Date as of which NextNav Inc. reported 128,864,792 shares of Common Stock outstanding in its Form 10-Q. |
| 2024-11-13 | Date NextNav Inc. filed its Form 10-Q with the Securities and Exchange Commission. |
| 2025-01-03 | Date New Enterprise Associates 14, L.P. completed the pro rata distribution of 8,189,156 shares of NextNav Inc. Common Stock, leading to the cessation of 5% beneficial ownership by the reporting group. |
| 2025-01-06 | Date as of which Patrick J. Kerins and the Blue Mountain Trust (Scott D. Sandell as trustee) held their reported shares. |
| 2025-01-07 | Date of the filing of this Amendment No. 2 to Schedule 13D and the related joint filing agreement. |
Keywords
NextNav Inc., New Enterprise Associates, Schedule 13D, beneficial ownership, share distribution, common stock, SEC filing, investment fund, stake reduction
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