Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 102

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 102
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 common stock. These fluctuations could cause you to lose all or part of your investment in our Class A common stock, since you might not be able to sell your shares at or above the price you paid in this offering. Factors that could cause fluctuations in the market price of our Class A common stock include the following:

• actual or anticipated fluctuations in our GBV, payment volume, revenue, gross margins, and other results of operations as well as in demand for business travel;

• actual or anticipated developments in the travel industry generally;

• the financial projections we may provide to the public, any changes in these projections, or our failure to meet these projections;

• announcements by us or our competitors of new products or new or terminated significant contracts, commercial relationships or capital commitments;

• industry or financial analyst or investor reaction to our press releases, other public announcements, and filings with the SEC;

• rumors and market speculation involving us or other companies in our industry;

• price and volume fluctuations in the overall stock market from time to time;

• changes in operating performance and stock market valuations of other technology companies generally, or those in our industry in particular;

• the expiration of market standoff or contractual lock-up agreements and sales of shares of our Class A common stock by us or our stockholders;

• failure of industry or financial analysts to maintain coverage of us, changes in financial estimates by any analysts who follow our company, or our failure to meet these estimates or the expectations of investors;

• actual or anticipated developments in our business or our competitors’ businesses or the competitive landscape generally;

• litigation involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;

• developments or disputes concerning our intellectual property rights, or third-party proprietary rights;

• announced or completed acquisitions of businesses or technologies by us or our competitors;

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• new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

• any major changes in our management or our board of directors;

• effects of public health crises, pandemics, and epidemics;

• sales or expectations with respect to sales of shares of our Class A common stock by us or our security holders;

• general macroeconomic conditions, including rising interest rates, inflation, foreign currency fluctuation, instability in the global banking system, risks of economic recession, and slow or negative growth of our markets;

• political unrest or instability; and

• other events or factors, including those resulting from war, incidents of terrorism, or responses to