[Form 4] NextNav Inc. Warrant Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: BlackSky Technology Inc. (BKSY) disclosed that director James R. Tolonen acquired 1,093 shares of Class A common stock on 30 June 2025. The shares were issued at $0 cost as Mr. Tolonen elected to receive equity rather than cash under the company’s Outside Director Compensation Policy for the quarter ended 30 June 2025. Following the transaction, the director beneficially owns 64,456 shares in total. No derivative securities were reported. The filing represents routine, non-market purchase activity and does not signal any change in corporate strategy or fundamentals.

Insights

Securities Analyst

TL;DR: Routine director equity compensation; negligible market impact.

The acquisition is an automatic grant of 1,093 shares in lieu of quarterly cash fees. With post-transaction holdings of 64,456 shares, Mr. Tolonen’s ownership increases by only ~1.7%. The $0 price indicates a pure compensation conversion, not an open-market buy, so it provides limited incremental signal about insider sentiment. No derivatives or sales were reported, and there is no effect on share count beyond standard dilution already contemplated in the company’s equity plans. I classify the event as neutral for investors.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Howard Hugh Wyman III

(Last) (First) (Middle)

11911 FREEDOM DR.

STE. 200

(Street)

RESTON VA 20190

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NEXTNAV INC. [ NN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		A		13,154(1)	A	$0	13,154	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a grant of restricted shares (the "Restricted Shares"). Subject to the Reporting Person's continued service through the applicable vesting date, 100% of the Restricted Shares shall vest on May 1, 2026.

	/s/ Christian Gates by power of attorney	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many BlackSky (BKSY) shares did director James R. Tolonen acquire?

He received 1,093 Class A common shares on 30 June 2025.

Was cash exchanged for the shares acquired by the director?

No. The shares were issued at $0 cost as part of the director’s quarterly compensation.

What is James R. Tolonen’s total BlackSky shareholding after the transaction?

He now beneficially owns 64,456 shares of Class A common stock.

Does this Form 4 filing indicate any insider selling at BlackSky?

No. The filing reports only an acquisition; no sales or dispositions were disclosed.

Is the transaction likely to impact BlackSky’s share price?

The grant is routine and small relative to float, so it is not expected to materially affect the stock price.