12:20 PM EDT, 03/11/2024 (MT Newswires) -- Nextnav ( NN ) shares jumped past 28% in recent Monday trading after the tech company said it will acquire for up to $50 million additional spectrum licenses in the lower 900 MHz band from Telesaurus Holdings and Skybridge Spectrum Foundation.

The company said the additional licenses will boost its assets to 3.5 billion MHz-PoPs of low band spectrum, which will expand its capacity to offer next-generation positioning, navigation, and timing services.

Nextnav ( NN ) said it agreed to pay $2.5 million of the purchase price in cash within 30 days of the court granting the receiver authority, while the balance will be paid for with Nextnav ( NN ) common shares based on the achievement of certain milestones, final license transfer and various regulatory approvals.

Price: 4.99, Change: +1.10, Percent Change: +28.28