Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 27

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 27
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 Patnam and an entity affiliated with Premji Invest. The SAFE Warrants are exercisable for a number of shares of Class A common stock equal to an aggregate of 0.45% of our fully diluted capitalization as of the initial public filing of the registration statement of which this prospectus forms a part, at an exercise price of $0.03 per share. We classified the SAFE Warrants as liabilities upon their issuance. The SAFE Warrants become exercisable for a fixed number of shares of Class A common stock based on the percentages described above upon the completion of this offering, upon which time the warrants will be reclassified as equity, which we refer to as the Warrant Determination. We estimate that the Warrant Determination will result in 1,216,284 shares of Class A common stock underlying the SAFE Warrants, based on an 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, and the other equity assumptions described above. While the fully diluted capitalization used in the Warrant Determination is impacted by the actual public offering price per share in this offering, the resulting impact to the number of shares of Class A common stock underlying the SAFE Warrants is insignificant. The SAFE Warrants will be exercised in full in connection with this offering as part of the SAFE Warrant Exercise.

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Class B Exchange Upon the completion of this offering, 15,304,696 shares of our Class A common stock beneficially owned by our co-founders and their respective affiliated entities will be exchanged for an equivalent number of shares of our Class B common stock pursuant to the terms of certain equity exchange agreements, or the Class B Stock Exchange. Additionally, pursuant to certain equity exchange agreements entered into between us and each co-founder, each co-founder has a right (but not an obligation) to require us to exchange, for shares of Class B common stock, any shares of Class A common stock received by him upon the exercise or settlement of equity awards for shares of Class A common stock, or the Equity Exchange Rights. The Equity Exchange Rights apply to equity awards granted to our co-founders prior to the effectiveness of the filing of our amended and restated certificate of incorporation. As of July 31, 2025, there were 8,611,649 shares of our Class A common stock subject to outstanding stock options to purchase shares of our Class A common stock held by our co-founders and 1,742,147