Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 33

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 33
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 of the Note Conversion Shares of $320.9 million less the adjusted carrying amount of the Convertible Notes and the historical carrying amount of the embedded derivative liability of $202.1 million and $38.5 million, respectively (which loss amount will fluctuate depending on the actual public offering price per share in this offering and the resulting change in the number and fair value of the Note Conversion Shares, as described further in the section titled “—The Offering—Note Conversion”); • the SAFE Conversion, resulting in (A) the revaluation of the SAFEs through, but excluding, November 3, 2025 , the assumed completion date of this offering, to $196.5 million, equal to the fair value of the SAFE Conversion Shares (as defined below), reflected as a $33.5 million increase in accumulated deficit; (B) the conversion of the SAFEs into 7,858,204 shares of our Class A common stock in the SAFE Conversion, referred to as the SAFE Conversion Shares, based on (i) the 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 (ii) an assumed completion date of this offering of November 3, 2025 , reflected as an increase in Class A common stock and additional paid-in capital of $196.5 million and a decrease in SAFE liability of $163.0 million (and corresponding decrease in long-term debt in the table above) as of July 31, 2025; • the (A) revaluation of the redeemable convertible preferred stock warrant liability as of November 3, 2025 , the assumed completion date of this offering, based on the 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, resulting in the redeemable convertible preferred stock warrant liability as of July 31, 2025 increasing by $0.5 million to $0.9 million and reflected as a $0.5 million increase in accumulated deficit, and (B) the subsequent automatic conversion of the redeemable convertible preferred stock warrant to a Class A common stock warrant and the resulting assumed reclassification of the redeemable convertible preferred stock warrant liability through, but excluding, November 3, 2025 , the assumed completion date of this offering, reflected as a $0.4 million decrease in other non-current liabilities as of July