Expensify Inc.
07/08/2025 | Press release | Distributed by Public on 07/08/2025 14:13
Termination of Material Agreement (Form 8-K)
Item 1.02 Termination of a Material Definitive Agreement.
On July 1, 2025, Expensify, Inc. (the "Company"), as borrower, terminated its Second Amended and Restated Loan and Security Agreement, as amended, dated February 13, 2025, by and between the Company as borrower and Canadian Imperial Bank of Commerce ("CIBC"), as administrative agent, and the lenders party thereto (the "Second Amended and Restated Loan and Security Agreement"). A summary of the material features of the Second Amended and Restated Loan and Security Agreement can be found in the section entitled "Results of Operation-Liquidity and Capital Resources-Credit Facilities-Loan and Security Agreement" in the Company's Quarterly Report on Form 10-Q for the Quarterly Period ended March 31, 2025, and such summary is incorporated by reference into this Item 1.02 in its entirety. At the time of termination, there were no borrowings under the revolving line of credit and no amounts drawn on the letter of credit issued under the Second Amended and Restated Loan and Security Agreement. Upon termination of the Second Amended and Restated Loan and Security Agreement, (i) all obligations of each party arising under or related to the Second Amended and Restated Loan and Security Agreement were paid in full; (ii) all related liens were released; and (iii) any collateral which was held by CIBC, securing the outstanding obligations under the Second Amended and Restated Loan and Security Agreement, was returned. There were no penalties incurred by the Company as a result of the termination.
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