Updated on August 31, 2020

1. Why did NII file for dissolution in the State of Delaware?

In connection with the agreement to sell its operations in Brazil, NII’s sole remaining operating business, NII’s Board of Directors unanimously approved the dissolution of NII and submitted it to NII’s stockholders for approval. On June 27, 2019, NII’s stockholders authorized the dissolution to take place following such sale. On December 18, 2019, NII announced that it closed the sale of its operations in Brazil. Since NII no longer has any active operations, in accordance with the authorization by the Board of Directors and NII’s stockholders, on January 13, 2020 NII filed its certificate of dissolution.

2. What happens to my shares? Can I sell my shares? Will NII buy my shares?

Stockholders retain the right to receive distributions pursuant to and in accordance with NII’s Complete Liquidation and Dissolution Plan (the “Plan”) and the General Corporation Law of the State of Delaware (the “DGCL”). Stockholders cannot sell their shares of NII common stock (the “Common Stock”) and NII will not buy shares of the Common Stock from stockholders. On December 18, 2019, NII announced that it notified the Nasdaq Stock Market ("Nasdaq") of its intention to delist the Common Stock from the Nasdaq Global Select Market. On December 30, 2019, NII filed a Notice of Delisting with the Securities and Exchange Commission and Nasdaq, and the Common Stock was delisted from trading on the Nasdaq Global Select Market on January 9, 2020.

In addition, in connection with the filing of the Certificate of Dissolution, on January 13, 2020, NII closed its stock transfer books and discontinued recording transfers of its common stock. As a result, holders of the Common Stock are no longer able to transfer record or beneficial ownership of the Common Stock, other than transfers by will, intestate succession or operation of law.

NII intends to seek to distribute funds to its stockholders in one or more distributions, as permitted by the DGCL, and will take all reasonable actions to optimize the distributable value to its stockholders.

3. When will I receive distributions for the shares I own?

NII intends to follow the long-form dissolution process under Delaware law, which requires that NII carry out certain procedures before any distributions can be made to stockholders. Such procedures include, among other things, providing notice of the dissolution to potential claimants, accepting or rejecting claims (including contingent claims) that are made and court proceedings in Delaware to determine the appropriate reserve for certain categories of claimants. As a result, it is difficult to determine when any distributions can be made, but NII currently expects that an initial distribution would not be made earlier than the 4th quarter of 2020, with the potential for additional distributions in the future.

4. What is the expected amount of the distributions?

Based on currently available information, NII currently estimates that the total amount of distributions will be from $2.10 to $2.61 per share. The low end of the range includes a reserve of $5 million for additional tax, accounting and legal costs, as well as potential personnel costs, that may need to be incurred in connection with the dissolution process and a reserve of $3 million for currently unknown claims that may arise during the dissolution process.  The high end of the range has decreased from NII’s previous guidance as a result of decreases in market interest rates and higher costs to retire NII’s 4.25% convertible senior notes due 2023 as compared to original estimates.  The ultimate amount distributable to stockholders will depend on factors outside of NII’s control, including, among other things, the amount of cash recovered from escrow amounts related to the sale of NII’s operations in Mexico and Brazil, and could vary from NII’s current estimates.

5. Do I need to do anything to receive the distributions?

No, you don’t need to take any actions to receive distributions. The shares of the Common Stock that you beneficially owned as of January 13, 2020 provide you the right to receive any distributions that may be made by NII in the future.

6. How will I be paid the distributions?

Distributions will be paid by NII to the record holders of the Common Stock, including Cede & Co. NII understands that the Depository Trust Corporation will then allocate and distribute the funds to the beneficial holders of the Common Stock.

7. Will NII provide any updates about the dissolution process, including information about distributions?

Yes, NII intends to update stockholders on material developments. Please check NII’s website at www.nii.com for any updates. For further information regarding the dissolution process, please reference the Proxy Statement filed with the Securities and Exchange Commission on April 24, 2019.