SUBIN NEIL S 4

What Happened
Neil S. Subin (listed as a Director) reported two main acquisitions: (1) conversion of 2028 Senior Secured Convertible Notes into 502,707 shares of NextNav common stock (no cash paid on conversion) and (2) a cash exercise of 250,000 public warrants at $11.50 each for a total cash outlay of $2,875,000, resulting in 250,000 shares issued. The note conversion occurred June 22, 2026; the warrant exercise occurred June 23, 2026.

Key Details

• Transaction dates: note conversion on 2026-06-22; warrant exercise on 2026-06-23. Filing date: 2026-06-24 (no late filing indicated).
• Note conversion: 502,707 shares received upon conversion of 2028 Notes (includes 501,592 shares from principal + remainder from accrued interest). Conversion involved Persian Road I, LP’s holdings pursuant to a March 12, 2025 Note Purchase Agreement. No cash paid on conversion.
• Warrant exercise: 250,000 Public Warrants exercised for $11.50 each = $2,875,000 cash paid by MILFAM Investments.
• Reporting relationships: the filer is Manager of MILFAM LLC (and related entities) and disclaims beneficial ownership except to the extent of any pecuniary interest.
• Shares owned after transaction: not fully specified in the provided data. Filing notes inclusion of 7,550 restricted shares that vest May 1, 2027.
• Redemption context: issuer elected to redeem 2028 Notes (accelerating conversion deadline to 6/23/26) and announced redemption of Public Warrants with a redemption date of 6/26/26; the conversions/exercises occurred prior to those deadlines.

Context

• These are acquisitions (conversion and cash exercise), not open‑market buys or sales. The note conversion generated shares without cash payment; the warrants were paid for in cash.
• The filing reflects activity through managed entities (Persian Road / MILFAM structures), so the reporting person disclaims direct beneficial ownership beyond any pecuniary interest.
• No indication in the filing that acquired shares were immediately sold (i.e., not a cashless exercise followed by sale).