Navya : announces the availability of the prospectus relating to the equity line with Negma

PRESS RELEASE

Navya announces the availability of the prospectus

relating to the equity line with Negma

Villeurbanne, France, Octobre 3rd, 2022 - 8:45 am CEST - NAVYA (FR0013018041 - Navya), an autonomous mobility systems leader (the « Company » or « Navya »), today announces the availability of the prospectus relating to the establishment of an equity line with Negma in the form of convertible bonds (the "OCA") with warrants to subscribe for shares (the "BSA") (together, the "OCABSA"), for a maximum amount of €36 million. This amount assumes the payment of a commitment fee of €1,080,000 owed to Negma by Navya through the delivery of 432 additional OCA and not in cash.

The prospectus approved by the French Financial Markets Authority (AMF) on September 30, 2022 under approval number 22 - 403, composed of the universal registration document filed on September 30, 2022, under number R. 22 - 036, an operation note and a summary, is available at the Company's headquarters (1, rue du docteur Pierre Fleury Papillon - 69100 Villeurbanne - France), on the Company's website (www.navya.tech) and on the AMF website (www.amf-france.org). This approval by the AMF should not be considered as a favorable opinion on the issuer and on the quality of the financial securities covered by the prospectus. Investors are invited to make their own assessment as to the advisability of investing in the financial securities concerned.

On July 21, 2022, the Company announced the implementation of a new equity line with Negma, providing for the availability of OCABSA in tranches of up to €2,500,000 each, for a total amount of €36 million, subject to compliance with the drawdown conditions (in particular that the stock market price is not less than 130% of the par value of the share for a period of 20 trading days), it being specified that neither the OCA nor the BSA will be listed.

As of the date of the prospectus, Navya does not have sufficient net working capital to meet its current needs for the next 12 months. As of August 31, 2022, Navya's cash and cash equivalents amounted to €3.6 million. In order to meet its working capital requirements, Navya has therefore entered into a new financing arrangement signed on July 20, 2022 with the investment fund Negma. The OCABSA, with a unit value of €2.500, will be issued in tranches of a maximum potential and unsecured amount of €2.5 million to Negma, every 22 trading days (period extended by 10 additional trading days if Negma fails to sell Navya shares on the market due to insufficient liquidity) at Navya's initiative subject to compliance with certain drawdown conditions, some of which are not in its control, namely (it being specified that these conditions may be waived by Negma):

• the Company complies with the various general obligations set forth in the Issue Agreement;
• No event or change has occurred that would make any of the representations and warranties set forth by the Corporation in the Issue Agreement false or incorrect;
• Navya's financial statements show shareholders' equity of not less than half the share capital;
• the Company's Executive Board has full authority to decide to issue a new tranche of
  OCABSA;
• the Company is not in a state of suspension of payments within the meaning of Article L. 631-1 of the French Commercial Code during the 60 days following the drawing request;
• the average daily value of Navya shares traded during the last fifteen (15) trading days prior to the issuance of the relevant tranche must be at least equal to €200,000;
• the Navya share price on Euronext (or on another market, if applicable) must not be less than 130% of the nominal value of the shares for a period of more than twenty (20) consecutive trading days;

• no significant adverse changes have occurred;
• Navya has not entered into any binding commitments leading to a change of control;
• no authority (notably the AMF) has objected to the issue of the convertible bonds (or their conversion) or the warrants (or their exercise);
• Navya is authorized to issue a sufficient number of shares to allow for the conversion of the OCA to be issued under each relevant tranche, i.e. a number of shares corresponding at least to the total nominal amount of the OCA divided by the lowest closing VWAP of the share on the date of drawdown;
• Negma is not prevented from trading in the Company's shares (e.g., the Company has not disclosed to him any inside information preventing him from trading in the shares);
• the continued listing of Navya's shares and the absence of a suspension of the listing of Navya's shares (and no identified risk of such a suspension);
• the absence of an event of default, in particular in case of delisting of the shares, the absence of delivery or late delivery of the shares to Negma; and
• the 36-month commitment period allowing Negma to subscribe for the OCABSA has not expired.

If the drawdown conditions allow Navya to draw down the next 9 tranches of the OCABSA, it will be able to meet its cash needs for the next 12 months.

A first tranche of 1,000 OCABSA was issued on July 20, 2022 on the basis of the 20th resolution of Navya's Combined General Meeting of June 17, 2022. The issuance of the remaining 13,400 OCABSA will allow for a potential unsecured maximum amount of €33.5 million to be raised (subject to compliance with the conditions indicated above).

Main risks related to the OCABSA:

Dilution risk: in the event of the issuance of shares resulting from the conversion of the OCA, shareholders will see their stake in Navya's share capital diluted; this stake could also be diluted in the event of the issuance of shares resulting from the warrants: as an indication, the stake of a shareholder holding 1% of Navya's share capital would increase to 0.10% on a non-diluted basis (theoretical calculation of a maximum dilution scenario established on the basis of a share price of €0.10/share) and to 0.12% on a non-diluted basis (theoretical calculation of a maximum dilution scenario established on the basis of a share price equal to 94% of the share price of €0.13, i.e. €0.12) (calculation tables attached to this press release - section 4.1.3 of the summary of the prospectus).

As of September 29, 2022, on the basis of a stock market price of €0.10/share, the full exercise of all the instruments giving access to the capital allocated and in circulation to date would generate a dilution equal to 90.4% on the basis of the non-diluted capital (impact of the OCABSA only). This dilution would be 20% only on the dilutive instruments excluding the OCABSA and 90.7% on the basis of fully diluted capital. The conversion of the OCA and the exercise of the BSA will therefore reinforce the current dilution risk due to the other dilutive instruments already in existence (ORNANE in particular) (calculation tables in the appendix to this press release - section 2.1.3 of the summary of the prospectus).

On the basis of a stock market price equal to 94% of €0.13/share, i.e. €0.12, the full exercise of all the instruments giving access to the capital allocated and in circulation to date would generate a dilution equal to 88.5% on the basis of the non-diluted capital (impact of the OCABSA only). This dilution would be 20% only on the dilutive instruments excluding the OCABSA and 88.8% on the basis of fully diluted capital (calculation tables in the appendix to this press release - section 2.1.3 of the summary of the prospectus).

Additional dilution risk in the event of a decrease in the nominal value of the share: the calculation of dilution indicated in section 4.1.3 of the summary and in section 9 of the prospectus is based on a theoretical scenario of maximum dilution, established on the basis of a share price equal to the nominal value of the share, i.e. €0.10. However, the issuance agreement provides that for the drawing of any new tranche of OCABSA, the share price must not be less than 130% of the nominal value of the Navya share (which is currently €0.10). Should the share price fall below 130% of the nominal value over a

period of 20 trading days, then the Extraordinary General Meeting of the Company may decide to decrease the current nominal value by €0.10 in order for the Company to continue to issue OCABSA. The decrease in the nominal value of the share will have the effect of increasing the dilution linked to the issuance of the OCABSA.

Risk of downward pressure on the share price: Negma does not intend to retain the shares resulting from the conversion of the OCABSAs and the BSAs and the exercise of the BSAs, and the disposal of these shares will have an unfavorable impact on the share price of Navya. Navya has asked Negma to take particular care not to affect the share price when disposing of its shares.

Risk of suspension of the issuance of OCABSA: Navya may suspend the issuance of the OCABSA in particular if the Company were to consider that its cash flow was sufficient to cover its future expenses or if the Company were able to obtain alternative sources of financing that it considered to be a priority or appropriate. Navya may suspend or terminate the issuance of the OCABSA without cost or penalty.

Risk of liquidity and volatility of the shares: Given the high free float (82% of the share capital as at September 29, 2022), the Company's share price is likely to be affected by significant volatility and liquidity. The lack of liquidity in the market for Navya shares could prevent Negma from selling the shares resulting from the conversion of the convertible bonds and/or the exercise of the BSA on the market, which could call into question this source of financing.

Risk of additional financing needs: In the event of a new call on the market for additional financing needs, this would result in additional dilution for shareholders who do not participate

The preparation of a prospectus is required to the extent that the conversion of the OCABSA is likely to result in the issuance of a number of shares exceeding 20% of the Company's share capital over 12 months.

Calendar of the operation:

July 20, 2022: signature of the issuance contract

July 20, 2022: issue of the first tranche of OCABSA

July 21 and 22, 2022: press releases announcing the signature of the issuance contract and the issuance of the first tranche of OCABSA

Between July 20, 2022 and July 19, 2025: issue of a maximum number of 14,400 OCABSA with a nominal value of €2,500 each, in successive tranches of €2,500,000, excluding Negma's commitment fee of 432 OCA.

Approval of the prospectus by the AMF on September 30, 2022 Drawdown of the 2nd tranche in October 2022

12 months from the issuance of each OCA: lapse of the last OCA issued, if any.

60 months from the issuance of each BSA: lapse of the last BSA that may be issued.

About NAVYA

Created in 2014, NAVYA is a leading French name specialized in the supply of autonomous mobility systems and associated services. With 280 employees in France (Paris and Lyon), in the United States (Michigan) and in Singapore, NAVYA aims at becoming the leading player in Level 4 autonomous mobility systems for passenger and goods transport. Since 2015, NAVYA has been the first to market and put into service autonomous mobility solutions. The Autonom® Shuttle, main development axis, is dedicated to passenger transport. Since its launch, more than 200 units have been sold in 25 countries as of 31 December 2021. The Autonom® Tract is designed to goods transport. Engaged in an ambitious CSR approach, the Company has an active policy in this area, as illustrated by the obtaining of the ISO 9001 certification in September 2021. The Valeo and Keolis groups are among NAVYA's historical shareholders.

NAVYA is listed on the Euronext regulated market in Paris (ISIN code: FR0013018041- Navya).

Further details: www.navya.tech

Contacts

NAVYA

CSR, Marketing &

Communication Manager

Nathalie Marcy

[e-mail][phone]

Chief Financial Officer

Pierre Guibert [e-mail]

NewCap	NewCap
Investor Relations	Media Relations
Thomas Grojean	Nicolas Merigeau
Nicolas Fossiez	[e-mail]
[e-mail]	[phone]
[phone]

SUMMARY OF THE PROSPECTUS (only available in French)

Section 1 - Introduction

1. Nom et codes internationaux d'identification des valeurs mobilières
   Libellé pour les actions : NAVYA - Code ISIN : FR0013018041 - Code Mnémonique : NAVYA
2. Identité et coordonnées de l'émetteur
   NAVYA, dont le siège social est situé : 1, rue du docteur Pierre Fleury Papillon - 69100 Villeurbanne (la « Société ») Code LEI : 969500CKO13UUTLTT460
3. Identité et coordonnées de l'autorité compétente qui approuve le prospectus
   Autorité des marchés financiers (AMF), 17, place de la Bourse, 75082 Paris Cedex 02
4. Date d'approbation du prospectus : le 30 septembre 2022
5. Avertissements
   Ce résumé doit être lu comme une introduction au Prospectus. Toute décision d'investir dans les valeurs mobilières concernées doit être fondée sur un examen par l'investisseur du Prospectus dans son ensemble. L'investisseur peut perdre tout ou partie du capital investi. Si une action concernant l'information contenue dans le Prospectus est intentée devant un tribunal, l'investisseur plaignant est susceptible, en vertu du droit national, de devoir supporter les frais de traduction du Prospectus avant le début de la procédure judiciaire. Une responsabilité civile n'incombe qu'aux personnes qui ont présenté le résumé, y compris sa traduction, mais seulement si, lorsqu'il est lu en combinaison avec les autres parties du Prospectus, le contenu du résumé est trompeur, inexact ou incohérent ou ne fournit pas les informations clés permettant d'aider les investisseurs lorsqu'ils envisagent d'investir dans ces valeurs mobilières.

Section 2 - Informations clés sur l'émetteur

Point 2.1 - Qui est l'émetteur des valeurs mobilières ?

1. Siège social / Forme juridique / LEI / Droit applicable / Pays d'origine
2. • Siège social : 1, rue du docteur Pierre Fleury Papillon - 69100 Villeurbanne
   • Forme juridique : société anonyme à directoire et conseil de surveillance
   • LEI : 969500CKO13UUTLTT460
   • Droit applicable / Pays d'origine : droit français / France
3. Principales activités
   Les activités du Groupe se répartissent entre le « Hardware » (vente de navettes) et les Services récurrentes.
   Les activités Hardware se regroupent autour de trois familles :la vente de véhicules autonomes, le déploiement et la formation.
   Les activités récurrentes de Services du Groupe comprennent notamment : les licences logicielles, la supervision et la maintenance.
   L'année 2021 a été marquée par :
4. • Le fonds ROBOLUTION était le premier actionnaire de Navya au 31 décembre 2020.
   • Le 22 février 2021, la Société a annoncé avoir signé avec Bluebus, une lettre pour le développement d'un minibus autonome.
   • Le 9 juillet 2021, Navya a annoncé qu'APAM Corporation avait converti 4 de ses 11 ORNANE en actions ordinaires. À l'issue de cette conversion, réalisée sur la base de la parité contractuelle fixée à 2,75€ par action, APAM Corporation détenait 1,5 million d'actions et 3,9% du capital.

L'année 2022 a été marquée par les événements suivants :

• Le 20 juillet 2022, Navya a conclu le Contrat d'Emission avec Negma pour un montant total maximum de 36m€ sur une période de 36 mois, par tranches d'un montant maximum potentiel et non garanti de 2,5m€ à l'initiative de la Société, sous réserve du respect de certaines conditions. Ce même jour, la Société a émis une première tranche de 1.000 OCABSA pour un montant total de 2,5m€, entièrement souscrites par Negma.
• Le 12 septembre 2022, Navya vend 8 navettes autonomes aux Etats-Unis au prestataire de mobilité autonome Beep.
• Le 21 septembre 2022, Navya a été informée qu'un procès-verbal du Conseil de surveillance du 17 juin 2022, qui faisait état des rapprochements stratégiques potentiels de la Société, avait été diffusé sur le réseau social Twitter. Ce procès-verbal a été largement commenté, ce qui a donné lieu à la diffusion de fausses informations concernant ces éventuels rapprochements. La Société a immédiatement réagi en publiant un communiqué de presse le 21 septembre 2022 au soir et un dépôt de plainte contre x pour manipulation de cours et diffusion de fausses informations est en cours.

2.1.3 Principaux actionnaires

A la connaissance de la Société et suite au premier tirage des OCABSA, au 29 septembre 2022, le tableau de ses principaux actionnaires s'établissait de la manière suivante :

	Principaux actionnaires				Total droits			% du capital		% droits de
	Total actions			de vote				vote
						social
	(au 29 septembre 2022)
				théoriques				théoriques
	Keomotion	3 274 360		3 274 360			6,28%		6,29%
	Valeo Bayen	3 888 645		3 888 645			7,46%		7,47%
	APAM Corporation	1 818 181		1 818 181			3,49%		3,49%
	Negma	223 081		212 753			0,43%		0,41%
	Autre	42 868 527		42 868 527			82,21%		82,34%
	Auto-détention	75 245		0			0,14%		0,00%
	Total	52 148 039			52 062 466			100,00,%		100,00%

Le tableau suivant présente l'impact dilutif maximum (soit 90,4%) à la suite de la création d'Actions Nouvelles issues des OCABSA sur la base d'un cours à

0,10€/action :

Principaux actionnaires

Total actions

Total droits

% du capital

% droits de

si dilution

de vote

vote

social

(au 29 septembre 2022)

OCABSA

théoriques

théoriques

Keomotion

3 274 360

3 274 360

0,60%

0,60%

Valeo Bayen

3 888 645

3 888 645

0,71%

0,71%