Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 128

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 128
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 the same and after deducting underwriting discounts and commissions. Similarly, each increase (decrease) of 1.0 million shares in the number of shares of our Class A common stock offered would increase (decrease) the net proceeds from this offering by approximately $23.6 million, assuming that 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, remains the same, and after deducting the underwriting discounts and commissions . 84 DIVIDEND POLICY We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our capital stock in the foreseeable future. Additionally, our ability to pay dividends or make distributions is limited by certain restrictions in connection with the Warehouse Credit Facility, the Vista Facility, and ABL Facility. For additional information regarding the Warehouse Credit Facility, the Vista Facility, and ABL Facility, see the section titled “Description of Material Indebtedness.” Additionally, our ability to pay dividends may be further restricted by agreements we may enter into in the future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, results of operations , contractual restrictions, capital requirements, general business conditions, and other factors that our board of directors may deem relevant. 85 CAPITALIZATION The following table sets forth our cash, cash equivalents, and restricted cash (current) and our capitalization as of July 31, 2025, on: • an actual basis; • a pro forma basis, which reflects (A) the pro forma adjustments described in footnote (1) to the Summary Consolidated Balance Sheet table in the section titled “Summary Consolidated Financial and Other Data” and (B) the exchange of 15,304,696 shares of our Class A common stock into an equal number of shares of our Class B common stock immediately prior to the completion of this offering in the Class B Stock Exchange; and • a pro forma as adjusted basis, which reflects (A) the pro forma adjustments described above and (B) the further pro forma adjustments described in footnote (2) to the Summary Consolidated Balance Sheet table in the section titled “Summary Consolidated Financial and Other Data.” The information below is illustrative only and our capitalization following this offering will be adjusted based on the actual initial public offering price and other terms of the offering determined at pricing. You should