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

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 25
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 additional shares of our Class A common stock in this offering. RSU Net Settlement The assumed 44% tax withholding rate used in this prospectus is an assumed blended withholding rate for the IPO Vesting RSUs that are subject to withholding and remittance obligations in the RSU Net Settlement. A portion of the IPO Vesting RSUs that will settle as part of the RSU Net Settlement are not subject to tax withholding obligations. The estimates in this prospectus relating to the RSU Net Settlement and related share withholding may differ from actual results due to, among other things, the actual initial public offering price and other terms of this offering determined at pricing of this offering, actual forfeitures through the date of this prospectus, and actual tax withholding rates. Note Conversion In 2020, we issued $125 million in aggregate initial investment amount of unsecured convertible securities due 2027, or the Convertible Notes. Upon the completion of this offering, pursuant to their terms, the Convertible Notes will convert into a number of shares of our Class A common stock equal to the aggregate initial investment amount outstanding plus the unpaid yield then accrued, divided by a conversion price that is equal to the lower of (i) the Discount Price and (ii) the Conversion Price Cap (each as defined below), which we refer to as the Note Conversion. The Conversion Price Cap is a price per share calculated by dividing $5 billion by the number of fully diluted shares of our common stock following the completion of this offering (including the shares of our Class A common stock issued upon the Note Conversion). The Discount Price is equal to 65% of the public offering price per share, which is 15 estimated to be approximately $16.25 per share, based on the assumed public offering price per share of $25.00 per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus. The Conversion Price Cap is estimated to be approximately $18.22 per share, based on the assumed public offering price per share of $25.00 per share. Upon the completion of this offering, we estimate that we will issue 12,836,457 shares of our Class A common stock in the Note Conversion upon the conversion of $208.6 million in aggregate initial investment amount and accrued and unpaid yield 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. If the Discount Price is greater than the