From @coke

=begin pod

BadN<things are happening>.

=end pod

renders as​:

Badthings are happening.

While not spec (no tests for N<> yet), the original pod synopsis suggests​:

Renderers may render such annotations in a variety of ways​: as
footnotes, as endnotes, as sidebars, as pop-ups, as tooltips, as
expandable tags, etc. They are never, however, rendered as unmarked
inline text.

I would suggest that a bare minimum implementation would render this
as a parenthetical​:

Bad (things are happening).

--
Will "Coke" Coleda