Expensify, Inc. Announces Preliminary Results of Tender Offer

Expensify, Inc. (Nasdaq: EXFY) (the “Company”), the easiest way to manage expenses, corporate cards, and travel, today announced the preliminary results of its modified “Dutch auction” tender offer (the “Tender Offer”) to purchase for cash up to $25,000,000 of its outstanding shares of Class A common stock, par value $0.0001 per share (“Class A common stock” or the “shares”), at a price per share not less than $0.98 and not more than $1.20, less any applicable withholding taxes and without interest, which expired at 12:00 midnight, New York City time, at the end of the day on June 10, 2026.

In accordance with the terms and conditions of the Tender Offer and based on the preliminary count by the depositary, the Company expects to repurchase a total of 6,140,642 shares of Class A common stock through the Tender Offer at a price of $1.20 per share, for a total cost of $7,368,770.40, excluding fees and expenses. Based on the preliminary count by the depositary for the Tender Offer, a total of 6,140,642 shares of Class A common stock were validly tendered and not validly withdrawn at or below the price of $1.20 per share, including 717,389 shares that were tendered through notice of guaranteed delivery.

The total of 6,140,642 shares that the Company expects to accept for repurchase would result in a reduction of the Company’s total outstanding shares of Class A common stock as of June 10, 2026 of approximately 6.9%.

As previously disclosed, the Company expects to fund the purchase of shares in the Tender Offer with cash on hand.

“We launched this tender offer because we believed, and continue to believe, Expensify is meaningfully undervalued, and because it gave shareholders flexibility. Shareholders who wanted liquidity had the opportunity to take it, while those who remained invested increased their ownership percentage in the company,” said David Barrett, CEO of Expensify. “We remain confident in Expensify’s product, brand, customer base, and long-term opportunity, and we believe repurchasing shares at these levels is an attractive use of capital.”

“The tender offer was substantially undersubscribed, with $7.4 million of shares tendered against our stated goal to repurchase up to $25.0 million,” said Ryan Schaffer, CFO of Expensify. “Shareholders had a clear opportunity to sell, and the vast majority chose to stay. We view that as a strong signal that many shareholders share our belief that there is upside to Expensify’s current valuation, and we will continue to look for disciplined ways to return excess capital to shareholders over time.”

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