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The company announced it has paid off all debts ($22.6 million) and completed a buyback of 645,938 shares.
Expensify, Inc. (NASDAQ:EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, announced today that the company paid down the balance of its revolving line of credit ($15 million), paid off the mortgage on its headquarters in downtown Portland, OR, ($7.6 million) and repurchased 645,938 shares of its Class A common stock from its founder.
The company still retains access to $24 million in a revolving line of credit if needed, but has otherwise cleared the debt from its balance sheets. Additionally, rather than refinance its mortgage which was scheduled to come due in the third quarter of 2024, the company has paid it off.
The 645,938 Class A common stock shares were purchased at an average price of $2.34, reflecting the weighted average price over a three-day period ending August 27, 2024. The shares will be retired. The Company's share repurchases are designed to offset dilution from stock issuances and reduce share count over time.
Posted In: EXFY
