Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 377

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 377
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 exchange for total proceeds of $155.0 million. We also settled the 2022 Promissory Note for a cash payment of $198.1 million. We are in the process of evaluating the accounting impact of these transactions. During the three months ended April 30, 2025, we amended the Warehouse Credit Facility to extend the maturity date to February 2028. We also repaid the Trade Loan Facility, and executed a new revolving line of credit with Citibank. The new revolving line of credit has a borrowing limit of $100.0

F-43 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements million, and a term through March 2028. We are in the process of evaluating the accounting impact of these transactions. Subsequent events have been evaluated through April 30, 2025, the date the consolidated financial statements were available to be issued. Events Subsequent to Original Issuance of Financial Statements (Unaudited) The Company evaluated subsequent events through July 25, 2025, the date these consolidated financial statements were available to be reissued. Since February 1, 2025 and through the date these consolidated financial statements were available to be reissued, we granted 2,574,917 stock option s that vest over four years based on service-only conditions. We also granted 2,744,173 RSUs that vest upon the satisfaction of both a performance and a service condition, where the performance condition is satisfied by either a sale of the Company or following the effective date of an initial public offering, and the service condition is satisfied generally over a period of four years. In addition, we granted 527,117 RSUs which vest over four years based solely on service-only conditions. Vista Facility In February 2025, we entered into a credit agreement with VCP Capital Markets, LLC, under which we issued term loans to lenders in exchange for proceeds of $130.0 million, which mature on February 24, 2030 (the “Vista Facility”). In connection with the Vista Facility, we issued warrants covering 486,588 shares of common stock. Upon issuance of the Vista Facility, the common stock warrants had a fair value of $11.0 million which was recorded as a debt discount. Debt issuance costs were recorded as a reduction to the debt liability. The debt discount and debt issuance costs are amortized to interest expense at an effective interest rate of 12.8% over the term of the loan.