Susquehanna-Linked Entities Report 8.02M Shares in NextNav (NNAVW)

Rhea-AI Filing Summary

NextNav Inc. reported that four related entities filed a Schedule 13G/A disclosing collective beneficial ownership of 8,015,767 shares of its common stock, equal to 6.0% of the class. The filing cites a public share count of 133,014,673 shares outstanding as of June 30, 2025, and explains that the reported position includes 1,114,649 shares issuable upon conversion of convertible notes held by Capital Ventures International and 490,800 options held by Susquehanna Securities, LLC. The reporting persons are Capital Ventures International, Susquehanna Advisors Group, Inc., G1 Execution Services, LLC and Susquehanna Securities, LLC; the filing states these entities may be deemed a group and disclaims acquisition of the securities to influence control. Exhibits referenced include a previously filed Limited Power of Attorney and Joint Filing Agreement.

Positive

• Material disclosure of ownership: Reporting persons collectively beneficially own 8,015,767 shares (6.0%) of NextNav common stock.
• Convertible and option exposure disclosed: Ownership includes 1,114,649 shares issuable on conversion and 490,800 options, clarifying potential dilution and economic exposure.

Negative

• None.

Insights

Financial Analyst

TL;DR Susquehanna-related filers disclose a material 6.0% position (8,015,767 shares) in NextNav, including convertibles and options; impact appears neutral.

The Schedule 13G/A identifies a combined beneficial position of 8,015,767 shares (6.0%) against 133,014,673 shares outstanding as of June 30, 2025. Material components are 1,114,649 convertible shares reported for Capital Ventures International and 490,800 options reported for Susquehanna Securities, LLC. For investors, the filing documents a significant institutional stake but does not indicate intent to pursue control, which typically limits near-term corporate governance implications. The presence of broker-dealers among the reporting persons suggests trading and execution roles as well as investment management roles.

Corporate Governance Expert

TL;DR A coordinated filing by related entities discloses shared voting/dispositive power over 6.0% of NextNav stock; governance influence looks limited per the filing.

The filing distinguishes between sole and shared voting/dispositive power: Capital Ventures reports 6,054,279 shares with sole power while Susquehanna Securities reports 1,961,488 shares with sole power, and all reporting persons report 8,015,767 shares of aggregate beneficial ownership. The statement that the shares were not acquired to influence control and the joint filing arrangements reduce likelihood of an imminent governance campaign. Still, a 6.0% stake is significant enough to merit monitoring for any future coordination among the reporting persons.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

NextNav Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

65345N106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 65345N106

1

Names of Reporting Persons

Capital Ventures International

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,054,279.00
6	Shared Voting Power 8,015,767.00
7	Sole Dispositive Power 6,054,279.00
8	Shared Dispositive Power 8,015,767.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,015,767.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.

SCHEDULE 13G

CUSIP No. 65345N106

1

Names of Reporting Persons

Susquehanna Advisors Group, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,015,767.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,015,767.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,015,767.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.

SCHEDULE 13G

CUSIP No. 65345N106

1

Names of Reporting Persons

G1 Execution Services, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,015,767.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,015,767.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,015,767.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 65345N106

1

Names of Reporting Persons

Susquehanna Securities, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,961,488.00
6	Shared Voting Power 8,015,767.00
7	Sole Dispositive Power 1,961,488.00
8	Shared Dispositive Power 8,015,767.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,015,767.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NextNav Inc.
(b)	Address of issuer's principal executive offices: 11911 Freedom Drive, Ste. 200, Reston, VA 20190
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the shares of Common Stock, par value $0.0001 per share (the "Shares"), of NextNav Inc. (the "Company"). (i) Capital Ventures International (ii) Susquehanna Advisors Group, Inc. (iii) G1 Execution Services, LLC (iv) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of Capital Ventures International is: P.O. Box 897 Windward 1, Regatta Office Park West Bay Road Grand Cayman, KY1-1103 Cayman Islands The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of Susquehanna Advisors Group, Inc. and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 65345N106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by Capital Ventures International includes 1,114,649 Shares issuable upon conversion of convertible notes. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 490,800 Shares. The Company's Quarterly Report on Form 10-Q, filed on August 6, 2025, indicates that there were 133,014,673 Shares outstanding as of June 30, 2025.
(b)	Percent of class: 6.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Capital Ventures International

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary of Susquehanna Advisors Group, Inc.
Date:	08/13/2025

Susquehanna Advisors Group, Inc.

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Secretary
Date:	08/13/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Secretary
Date:	08/13/2025

Comments accompanying signature: Susquehanna Advisors Group, Inc. serves as authorized agent of Capital Ventures International pursuant to a Limited Power of Attorney, a copy of which was previously filed.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________________ I Limited Power of Attorney* II Joint Filing Agreement* * Previously filed

FAQ

What stake did the filers report in NextNav (NNAVW)?

The reporting persons disclosed beneficial ownership of 8,015,767 shares, representing 6.0% of the outstanding common stock.

How many NextNav shares were outstanding for the ownership calculation?

The filing references 133,014,673 shares outstanding as of June 30, 2025.

Does the reported stake include convertible securities or options?

Yes. The report includes 1,114,649 shares issuable upon conversion of convertible notes (Capital Ventures) and 490,800 options (Susquehanna Securities).

Who are the reporting persons in the 13G/A for NNAVW?

The filing is by Capital Ventures International, Susquehanna Advisors Group, Inc., G1 Execution Services, LLC and Susquehanna Securities, LLC.

Did the filers state an intent to influence control of NextNav?

The certifying language states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

What supporting exhibits are referenced in the filing?

The filing references a previously filed Limited Power of Attorney and Joint Filing Agreement.