Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 132

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 132
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 determined by dividing our total tangible assets less our total liabilities by the number of shares of our Class A common stock outstanding (not including any shares of our redeemable convertible preferred stock). Our historical net tangible book deficit as of July 31, 2025, was $1,575.0 million, or $33.99 per share. As of July 31, 2025, our pro forma net tangible book value was $137.1 million, or $0.63 per share of our common stock. Our pro forma net tangible book value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities and divided by the total number of shares of our common stock outstanding as of July 31, 2025, after giving effect to (i) the pro forma adjustments described in footnote (1) to the Summary Consolidated Balance Sheet table in the section titled “Summary Consolidated Financial and Other Data” and (ii) the exchange of 15,304,696 shares of our Class A common stock into an equal number of shares of our Class B common stock immediately prior to the completion of this offering in the Class B Stock Exchange . After giving effect to (A) the sale of 30,000,000 shares of our Class A common stock in this offering at an assumed initial 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, and after deducting underwriting discounts and commissions and estimated offering expenses, and (B) the other pro forma adjustments described in footnote (2) to the Summary Consolidated Balance Sheet table in the section titled “Summary Consolidated Financial and Other Data,” our pro forma as adjusted net tangible book value as of July 31, 2025, would have been $834.0 million, or $3.36 per share. This represents an immediate increase in pro forma net tangible book value of $2.73 per share to our existing stockholders and an immediate dilution in pro forma as adjusted net tangible book value of $21.64 per share to investors purchasing shares of our Class A common stock in this offering at the assumed initial public offering price. The following table illustrates this dilution on a per share basis to new investors :

| Assumed initial public offering price per share...................................................                                                                                         
 Historical net tangible book deficit per share as of July 31, 2025...................                                                                                                      | $(33.99) |     | $25