Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 126

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 126
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 After giving effect to the sale of shares of our Class A common stock in this offering at an 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, and after deducting underwriting discounts and commissions and estimated offering expenses, our pro forma as adjusted net tangible book value as of July 31, 2025, would have been $ million, or $ per share. This represents an immediate increase in pro forma net tangible book value of $ per share to our existing stockholders and an immediate dilution in pro forma as adjusted net tangible book value of $ per share to investors purchasing shares of our Class A 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 July 31, 2025...................                                                                                                      |     |     |   |
|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:----|:--|
| Increase per share attributable to the pro forma adjustments describedabove............................................................................................................... |     |     |   |
| Pro forma net tangible book value per share as of July 31, 2025 beforegiving effect to this offering...........................................................................            |     |     |   |
| Increase in pro forma net tangible book value per share attributable tonew investors purchasing Class A common stock in this offering..........                                            |     |     |   |
| Pro forma as adjusted net tangible book value per share immediatelyafter this offering.............................................................................................        |     |     |   |
| Dilution in pro forma as adjusted net tangible book value per share to newinvestors 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