Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 395

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 395
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 and creditor claims, and are on par with other SAFEs and the most senior series of preferred stock then outstanding.

F-66 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) We issued common stock warrants to investors together with the SAFEs. Refer to Note 3 — Fair Value for further information regarding the common stock warrants. We incurred debt issuance costs of $2.9 million in connection with the issuance of the SAFEs and common stock warrants, which were expensed when incurred and are presented within other income, net in the accompanying condensed consolidated statements of operations. Warehouse Credit Facility In November 2022 , Liquid Labs SPV, LLC (“Liquid Labs”), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (“Warehouse Credit Facility”). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025 , or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million , consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million , respectively. The Warehouse Credit Facility was established to finance the Company’s corporate payments offering. Borrowings on the Warehouse Credit Facility bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the loan agreement. The Warehouse Credit Facility has a minimum utilization of 50% of the committed amount, and any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. Borrowings under the Warehouse Credit Facility are secured by the corporate card receivables. The Warehouse Credit Facility has been amended multiple times over the term to change the borrowing capacity and maturity date. In April 2025 , we executed an amendment to extend the term of the Warehouse Credit Facility through February 18, 2028 . As of July 31, 2025 , the borrowing capacity under the Warehouse Credit Facility is $250.0 million . The Warehouse Credit Facility contains mandatory and optional redemption features upon an event of default and other potential additional interest provisions that are bifurcated and treated as embedded derivative liabilities under the accounting guidance ASC 815, Derivatives and Hedging . At inception of the Warehouse Credit Facility, and as of July 31, 2025 , the fair value of the embedded derivative liabilities was determined to be immaterial. We incurred upfront commitment fees of $2.