Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 125

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 125
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 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              , 2025                                                               |     | $ |     |   |
| Increase per share attributable to the pro forma adjustments described above                                                           |     |   |     |   |
| Pro forma net tangible book value per share as of             , 2025 before giving effect to this offering                             |     |   |     |   |
| Increase in pro forma net tangible book value per share attributable to new investors purchasing Class A common stock in this offering |     |   |     |   |
| Pro forma as adjusted net tangible book value per share immediately after this offering                                                |     |   |     |   |
| Dilution in pro forma as adjusted net tangible book value per share to new investors in this offering                                  |     |   |     | $ |

The dilution information discussed above is illustrative only and will change based on the actual initial offering price and other terms of this offering determined at pricing and the actual tax withholding rates, as well as the actual amount of RSUs settled in connection with this offering. A $1.00 increase (decrease)

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in the assumed initial public offering price of $ per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value per share after this offering by $ per share and would increase (decrease) the dilution per share to new investors in this offering by $ per share, assuming the number of shares of Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions. Similarly, each increase (decrease) of 1.0 million shares in the number of shares of Class A common stock offered would increase (decrease) the pro forma as adjusted net tangible book value per share after this offering by $ per share and would increase (decrease) the dilution to new investors by $ per share, assuming the assumed initial public offering price, which is the midpoint of the offering price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and