Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 122

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 122
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 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 , 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              , 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) 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

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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