Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 378

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 378
---
 The common stock warrants are equity classified within additional paid-in capital. Simple Agreements for Future Equity (SAFEs) and Common Stock Warrants During the three months ended April 30, 2025, we entered into SAFEs with multiple investors in exchange for cash proceeds of $155.0 million, with an interest rate of 12% per annum. The SAFEs contain various conversion features. We issued common stock warrants to investors together with the SAFEs. The number of shares that can be issued upon exercise of the common stock warrants is determined based on a fixed percentage of the fully diluted capitalization prior to the earliest to occur of (a) a deemed liquidation event, (b) a liquidity event, and (c) the date of exercise. We incurred debt issuance costs of $2.9 million in connection with the issuance of the SAFEs and common stock warrants, which were expensed when incurred. The SAFEs and common stock warrants are classified as liabilities and are measured at fair value on a recurring basis. 2022 Promissory Note In February 2025, we paid $198.1 million to settle the 2022 Promissory Note and recognized a $20.5 million loss on the debt extinguishment. Warehouse Credit Facility We incurred incremental upfront commitment fees in connection with extending the maturity date of the Warehouse Credit Facility through February 18, 2028. The upfront commitment fees are capitalized and amortized over the remaining term. F-44 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements ABL Facility In March 2025, we executed an asset-based lending revolving line of credit with Citibank (“ABL Facility”) for a term through March 2028. The ABL Facility has a borrowing limit of $100.0 million. The available borrowings are based on eligible U.S. and UK travel receivables. Issuance fees incurred in connection with the ABL Facility are capitalized and amortized over the term.

F-45 NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) (unaudited)

|                                                                                                                                                                                                                           |         As of |     |                 |
|                                                                                                                                                                                                                           | July 31, 2025 |     | January 31,2025 |
| Assets                                                                                                                                                                                                                    |               |     |                 |
| Current assets:                                                                                                                                                                                                           |               |     |                 |
| Cash and cash equivalents................................................................