Form 4: Navan Insider Converts Preferred Stock to Common

Oren Zeev and affiliated funds converted over 37 million shares of preferred stock into Class A common stock of Navan, Inc. following the company's initial public offering.

Summary

• Oren Zeev, a Director and 10% owner of Navan, Inc., along with several affiliated Zeev Ventures L.P. funds, reported the conversion of various series of preferred stock into Class A common stock.
• The conversions occurred on October 31, 2025, automatically upon the closing of Navan, Inc.'s initial public offering.
• Following these transactions, Oren Zeev directly holds 57,264 shares of Class A Common Stock.
• Indirectly, through the Zeev Ventures funds, Oren Zeev is deemed to beneficially own an additional 37,289,803 shares of Class A Common Stock.
• The total beneficial ownership of Class A Common Stock attributed to Oren Zeev, directly and indirectly, is 37,347,067 shares.
• All previously held Series Seed, A, A-1, B, C, D, E, F, and G-1 Preferred Stock were converted, resulting in zero preferred shares beneficially owned by the reporting persons after the transaction.

Sentiment

Score: 5

Explanation: Neutral, as this is a routine regulatory filing reporting a structural change in ownership following an IPO, rather than an operational or financial performance update.

Positives

• The conversion of preferred stock into common stock is a standard procedure following an initial public offering, indicating the successful completion of the IPO.
• The significant beneficial ownership by Oren Zeev and affiliated funds demonstrates a strong, continued alignment of interests with the company's long-term success.

Negatives

• No specific negative information is contained within this Form 4 filing, as it primarily reports a structural change in ownership post-IPO.

Future Outlook

This filing does not contain forward-looking statements or guidance, as it is a report of past transactions related to beneficial ownership.

Industry Context

The conversion of preferred stock to common stock is a standard event for companies that have recently completed an initial public offering, as preferred shares typically convert into common equity upon IPO. This aligns the ownership structure with public market standards.

Related Party Transactions

• The conversion of preferred stock to Class A common stock involved Oren Zeev, a director and 10% owner, and various affiliated Zeev Ventures L.P. funds, which are also 10% owners. These are considered related parties.

Stakeholder Impact

• Shareholders: The conversion increases the number of Class A common shares outstanding, potentially impacting per-share metrics and float. It also clarifies the beneficial ownership structure post-IPO.

Key Dates

Keywords

Navan Inc., NAVN, Oren Zeev, Zeev Ventures, Form 4, Beneficial Ownership, Preferred Stock Conversion, Class A Common Stock, IPO, Insider Trading