Expensify Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 1, 2025
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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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Expensify, Inc. | ||||||||
| By: | /s/ Ryan Schaffer | |||||||
| Name: | Ryan Schaffer | |||||||
| Title: | Chief Financial Officer | |||||||
Date: July 8, 2025