Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 24

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 24
---
 % tax withholding rate), which we refer to as the RSU Net Settlement; • the filing and effectiveness of our amended and restated certificate of incorporation and the effectiveness of our amended and restated bylaws, each of which will occur immediately prior to the completion of this offering; • except as described above, no exercise of outstanding stock options or warrants or settlement of outstanding RSUs; and • no exercise by the underwriters of their option to purchase additional shares of our Class A common stock in this offering. The assumed % tax withholding rate used in this prospectus is an assumed blended withholding rate for the IPO Vesting RSUs that are subject to withholding in the RSU Net Settlement. A portion of the IPO Vesting RSUs that will settle as part of the RSU Net Settlement are not subject to tax withholding obligations. The estimates in this prospectus relating to the RSU Net Settlement and related share withholding may differ from actual results due to, among other things, the actual initial public offering price and other terms of this offering determined at pricing, actual forfeitures through the date of this prospectus, and actual tax withholding rates. In addition, information in this prospectus relating to RSUs outstanding as of the date of this prospectus reflects estimated forfeitures through , 2025. In 2020 , we issued $125 million in aggregate initial investment amount of unsecured convertible securities due 2027, or the Convertible Notes. Upon the completion of this offering, pursuant to their terms, the Convertible Notes will convert into a number of shares of our Class A common stock equal to the aggregate initial investment amount outstanding plus the unpaid yield then accrued, divided by a conversion price that is equal to the lower of (i) 65% of the public offering price per share in this offering and (ii) a price calculated by dividing $5 billion by the number of shares of our common stock outstanding following the completion of this offering, on an as-converted, as-exercised basis (including the shares of our Class A common stock issued upon the Note Conversion). Upon the completion of this offering, we estimate that we will issue shares of Class A common stock upon the conversion of $ million in aggregate initial investment amount and accrued and unpaid yield through, but excluding, an assumed closing date of , 2025, based on an assumed initial offering price of $ per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, which we refer to as the Note Conversion. In February and