Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 27

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 27
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 as though the conversion had occurred as of the beginning of the period, (ii) the Class B Conversion as though the conversion had occurred as of the beginning of the period, (iii) the issuance of shares of Class A common stock in connection with the RSU Net Settlement, after withholding shares to satisfy the estimated tax withholding and remittance obligations of $ million (based on the assumed initial offering price of $ per share, which is the midpoint of the offering price

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range set forth on the cover page of this prospectus, and an assumed % tax withholding rate) as though such issuance and withholding had occurred as of the beginning of the period, (iv) stock-based compensation expense of $ million related to RSUs subject to the RSU Net Settlement, reflected as an increase to additional paid-in capital and accumulated deficit, as further described in Note 10, “Equity Incentive Plan” to our consolidated financial statements included elsewhere in this prospectus, as though the RSU Net Settlement has occurred as of the beginning of the period, (v) the Note Conversion, including the reclassification of the embedded derivative liability related to the Convertible Notes to additional paid-in capital, as though the conversion had occurred as of the beginning of the period, (vi) the automatic conversion of the redeemable convertible preferred stock warrant to a Class A common stock warrant, and the resulting remeasurement and assumed reclassification of the redeemable convertible preferred stock warrant liability to additional paid-in capital, as though the conversion had occurred as of the beginning of the period, and (vii) the SAFE Conversion as though the conversion had occurred as of the beginning of the period.

|                                        |     | As of January 31, 2025 |            |     |              |     |                   |
|:---------------------------------------|:----|-----------------------:|-----------:|:----|:-------------|:----|:------------------|
|                                        |     |                 Actual |            |     | Pro Forma(1) |     | Pro Forma         
 as Adjusted(2)(3) |
| Consolidated Balance Sheet Data:       |     |          -in thousands |            |     |              |     |                   |
| Cash and cash equivalents              |     |                      $ |    157,672 |     | $            |     | $                 |
| Restricted cash, current               |     |                        |    148,157 |     |              |     |                   |
| Working