1. Navan, a corporate travel and expense platform, began trading on the Nasdaq on October 31, 2025, with an opening price 20% lower than its $25 IPO price, valuing the company at approximately $4.7 billion.

2. Navan was the first to use a new SEC rule allowing public listings during a government shutdown, bypassing manual SEC approval for 20 days after submitting their price range. However, this method carries a risk of later government scrutiny and potential issues with stock price and litigation.

3. Navan's decision to proceed with its IPO was due to extensive review by SEC staff before the government shutdown began in October 2025. The company's revenue over the last 12 months was $613 million, with losses of $188 million. Notable customers include Shopify, Zoom, and OpenAI.