Expensify commences modified Dutch Auction tender offer for $25M of shares

Expensify (EXFY) announced that it has commenced a modified “Dutch auction” tender offer to purchase for cash up to $25M of its outstanding shares of Class A common stock at a price per share not less than 98c and not greater than $1.20, less any applicable withholding taxes and without interest. The Tender Offer will expire at 12:00 midnight, New York City time, at the end of the day on June 10, unless extended or terminated. If the Tender Offer is fully subscribed, the company will purchase between 25,510,204 and 20,833,333 shares, or between approximately 30% and 25%, respectively, of the Company’s outstanding Class A Common Stock as of May 4. Any shares tendered may be withdrawn prior to expiration of the Tender Offer. Stockholders that do not wish to participate in the Tender Offer do not need to take any action. None of the Company’s directors or executive officers will tender any of their shares in the Tender Offer.