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Navan IPO tumbles 20% after historic debut under SEC shutdown workaround | TechCrunch

Navan IPO tumbles 20% after historic debut under SEC shutdown workaround | TechCrunch

Navan, the corporate travel and expense platform, finished its first day of trading on the Nasdaq on Thursday down 20% from its $25 IPO price, resulting in a valuation of approximately $4.7 billion for the 10-year-old company.

The company was the first to use a new SEC rule that allows public listings during a government shutdown.

Unlike the traditional IPO path, which requires SEC regulators to review and grant final approval, companies using the shutdown workaround can get automatic approval for their IPO documents 20 days after submitting their price range, effectively bypassing the need for manual SEC approval.

But the updated mechanism carries a risk: The government can scrutinize the documents later. If the SEC later finds material deficiencies or undisclosed issues, the company may be forced to amend its statements, which could lead to a lower stock price and even potential litigation.

Despite this risk, Navan decided to proceed with its IPO, primarily because the bulk of its registration statements had already been reviewed by the SEC staff before the government shutdown began on October 1.

The stock’s initial decline is likely influenced, at least in part, by this regulatory uncertainty.

The market’s reaction to Navan’s offering is being closely monitored by other IPO contenders. Startups looking to go public before the end of the year need to decide soon whether they’re ready to deal with the regulatory unknowns or delay their filing until the next year.

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Navan has been waiting to go public for several years. The company reportedly filed its confidential IPO paperwork in 2022 and planned to debut at a $12 billion valuation in early 2023.  

The company, formerly known as TripActions, was last valued at $9.2 billion when it raised a $154 million Series G round in October 2022.

Navan customers include Shopify, Zoom, Wayfair, OpenAI, and Thomson Reuters. The company claims that its AI-powered assistant, Ava, handles approximately 50% of customer conversations related to booking or changing flight, hotel, and car rental reservations. Navan’s expense management solution helps companies manage employee expenses through features like automated receipt scanning and categorization.

The company generated revenue of $613 million over the last 12 months (up 32%), with losses of $188 million, according to its S1.

Navan’s largest venture capital backers before its IPO included Lightspeed (holding a 24.8% stake), solo VC Oren Zeev (18.6% stake), Andreessen Horowitz (12.6%), and Greenoaks (7.1%).

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The New Moon has now passed, which means each night the Moon will appear bigger and brighter in the sky. This happens as more of its sunlit side comes into view from Earth. From now, it will become more illuminated each night until the next full Moon.

What is today’s Moon phase?

As of Saturday, April 18, the Moon phase is Waxing Crescent. Tonight, 1% of the moon will be lit up, according to NASA’s Daily Moon Guide.

The Moon is starting to brighten again, but for now, there’s still to little of its surface lit up to see anything.

When is the next Full Moon?

The next Full Moon is predicted to take place on May 1, the first of two in May.

What are Moon phases?

NASA states that the Moon takes about 29.5 days to orbit Earth, during which it passes through eight distinct phases. We always see the same side of the Moon, but the amount of sunlight reflecting off it changes as it moves along its orbit, creating the familiar pattern of full, partial, and crescent shapes. These shifting appearances are called lunar phases, and there are eight in total:

New Moon – The Moon is between Earth and the sun, so the side we see is dark (in other words, it’s invisible to the eye).

Waxing Crescent – A small sliver of light appears on the right side (Northern Hemisphere).

First Quarter – Half of the Moon is lit on the right side. It looks like a half-Moon.

Waxing Gibbous – More than half is lit up, but it’s not quite full yet.

Full Moon – The whole face of the Moon is illuminated and fully visible.

Waning Gibbous – The Moon starts losing light on the right side. (Northern Hemisphere)

Third Quarter (or Last Quarter) – Another half-Moon, but now the left side is lit.

Waning Crescent – A thin sliver of light remains on the left side before going dark again.

#Moon #phase #today #explained #Moon #April">Moon phase today explained: What the Moon will look like on April 18, 2026
                                                            The New Moon has now passed, which means each night the Moon will appear bigger and brighter in the sky. This happens as more of its sunlit side comes into view from Earth. From now, it will become more illuminated each night until the next full Moon.What is today’s Moon phase?As of Saturday, April 18, the Moon phase is Waxing Crescent. Tonight, 1% of the moon will be lit up, according to NASA’s Daily Moon Guide.The Moon is starting to brighten again, but for now, there’s still to little of its surface lit up to see anything. 
When is the next Full Moon?The next Full Moon is predicted to take place on May 1, the first of two in May.What are Moon phases?NASA states that the Moon takes about 29.5 days to orbit Earth, during which it passes through eight distinct phases. We always see the same side of the Moon, but the amount of sunlight reflecting off it changes as it moves along its orbit, creating the familiar pattern of full, partial, and crescent shapes. These shifting appearances are called lunar phases, and there are eight in total:New Moon – The Moon is between Earth and the sun, so the side we see is dark (in other words, it’s invisible to the eye).
        
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Waxing Crescent – A small sliver of light appears on the right side (Northern Hemisphere).First Quarter – Half of the Moon is lit on the right side. It looks like a half-Moon.Waxing Gibbous – More than half is lit up, but it’s not quite full yet.Full Moon – The whole face of the Moon is illuminated and fully visible.Waning Gibbous – The Moon starts losing light on the right side. (Northern Hemisphere)Third Quarter (or Last Quarter) – Another half-Moon, but now the left side is lit.Waning Crescent – A thin sliver of light remains on the left side before going dark again.

                    
                                    #Moon #phase #today #explained #Moon #April

Moon phase is Waxing Crescent. Tonight, 1% of the moon will be lit up, according to NASA’s Daily Moon Guide.

The Moon is starting to brighten again, but for now, there’s still to little of its surface lit up to see anything.

When is the next Full Moon?

The next Full Moon is predicted to take place on May 1, the first of two in May.

What are Moon phases?

NASA states that the Moon takes about 29.5 days to orbit Earth, during which it passes through eight distinct phases. We always see the same side of the Moon, but the amount of sunlight reflecting off it changes as it moves along its orbit, creating the familiar pattern of full, partial, and crescent shapes. These shifting appearances are called lunar phases, and there are eight in total:

New Moon – The Moon is between Earth and the sun, so the side we see is dark (in other words, it’s invisible to the eye).

Waxing Crescent – A small sliver of light appears on the right side (Northern Hemisphere).

First Quarter – Half of the Moon is lit on the right side. It looks like a half-Moon.

Waxing Gibbous – More than half is lit up, but it’s not quite full yet.

Full Moon – The whole face of the Moon is illuminated and fully visible.

Waning Gibbous – The Moon starts losing light on the right side. (Northern Hemisphere)

Third Quarter (or Last Quarter) – Another half-Moon, but now the left side is lit.

Waning Crescent – A thin sliver of light remains on the left side before going dark again.

#Moon #phase #today #explained #Moon #April">Moon phase today explained: What the Moon will look like on April 18, 2026

The New Moon has now passed, which means each night the Moon will appear bigger and brighter in the sky. This happens as more of its sunlit side comes into view from Earth. From now, it will become more illuminated each night until the next full Moon.

What is today’s Moon phase?

As of Saturday, April 18, the Moon phase is Waxing Crescent. Tonight, 1% of the moon will be lit up, according to NASA’s Daily Moon Guide.

The Moon is starting to brighten again, but for now, there’s still to little of its surface lit up to see anything.

When is the next Full Moon?

The next Full Moon is predicted to take place on May 1, the first of two in May.

What are Moon phases?

NASA states that the Moon takes about 29.5 days to orbit Earth, during which it passes through eight distinct phases. We always see the same side of the Moon, but the amount of sunlight reflecting off it changes as it moves along its orbit, creating the familiar pattern of full, partial, and crescent shapes. These shifting appearances are called lunar phases, and there are eight in total:

New Moon – The Moon is between Earth and the sun, so the side we see is dark (in other words, it’s invisible to the eye).

Waxing Crescent – A small sliver of light appears on the right side (Northern Hemisphere).

First Quarter – Half of the Moon is lit on the right side. It looks like a half-Moon.

Waxing Gibbous – More than half is lit up, but it’s not quite full yet.

Full Moon – The whole face of the Moon is illuminated and fully visible.

Waning Gibbous – The Moon starts losing light on the right side. (Northern Hemisphere)

Third Quarter (or Last Quarter) – Another half-Moon, but now the left side is lit.

Waning Crescent – A thin sliver of light remains on the left side before going dark again.

#Moon #phase #today #explained #Moon #April

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