Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 26

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 26
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 Conversion Price Cap, then the number of shares of Class A common stock issuable in the Note Conversion would be approximately 11.4 million shares. While the number of fully diluted shares used to determine the Conversion Price Cap is impacted by the actual public offering price per share in this offering, the resulting impact to the Conversion Price Cap is insignificant. SAFE Conversion In February and April 2025, we issued $155 million in aggregate purchase amount of simple agreements for future equity, or SAFEs, to certain investors, including Sandesh Patnam and an entity affiliated with Premji Invest. The SAFEs bear a return rate of 12% per year. Upon the completion of this offering, pursuant to their terms, the SAFEs will convert into a number of shares of our Class A common stock equal to the principal amount outstanding plus accrued and unpaid interest, divided by a conversion price that is equal to 85% of the actual public offering price per share in this offering, which is estimated to be approximately $21.25 per share, based on the assumed public offering price of $25.00 per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, which we refer to as the SAFE Conversion. Upon the completion of this offering, we estimate that we will issue 7,858,204 shares of our Class A common stock in the SAFE Conversion upon the conversion of $167.0 million in aggregate principal amount of the SAFEs, including accrued and unpaid return through, but excluding, an assumed completion date of this offering of November 3, 2025 , based on the assumed initial offering price of $25.00 per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus. The number of shares of our Class A common stock issuable upon conversion of the SAFEs will fluctuate depending on the actual public offering price per share in this offering. Assuming public offering prices of $24.00 and $26.00 per share, the low and high ends of the price range set forth on the cover page of this prospectus, the number of shares issuable upon conversion of the SAFEs would equal approximately 8.2 million and 7.6 million, respectively. SAFE Warrants In February and April 2025, in connection with the sale and issuance of the SAFEs, we concurrently issued warrants to purchase shares of our Class A common stock, or the SAFE Warrants, to the SAFE investors, including Sandesh