November 10, 2021
Expensify, Inc., a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, has announced the pricing of its initial public offering of 9,730,776 shares of its Class A common stock at a public offering price of US$27 per share. Expensify is offering 2,608,696 shares of Class A common stock and the selling stockholders named in the prospectus are offering 7,122,080 shares of Class A common stock. The gross proceeds from the offering to Expensify, before deducting underwriting discounts and commissions and other offering expenses payable by Expensify, are expected to be approximately US$70.4 million. Certain of the selling stockholders have also granted the underwriters of the offering a 30-day option to purchase up to 1,459,616 additional shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Expensify will not receive any proceeds from the sale of shares by the selling stockholders. Expensify’s Class A common stock is expected to begin trading on The Nasdaq Global Market on November 10, 2021 under the ticker symbol "EXFY." The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.
Latham & Watkins LLP represents Expensify in the offering with a capital markets team led by Bay Area partners Tad Freese and Ben Potter, Chicago partner Alexa Berlin, and Los Angeles/Century City partner Christopher Shoff, with Bay Area corporate attorney Karen Eberle and Chicago associates Sara Mykrantz and Sean Stanton, and Los Angeles associate Andrew Turk. Advice was also provided on tax matters by Century City partner Larry Stein and Century City counsel Will Kessler; on benefits & compensation matters by Bay Area partner Jay Metz and London partner Sarah Gadd, with London associate Adam Ray; on intellectual property and data privacy matters by Bay Area partner Michelle Gross and London partner Fiona Maclean, with Los Angeles associate Heather Lui; and on OFAC/sanctions matters by Washington, D.C. partner Les Carnegie, with Washington, D.C. associate Elizabeth Annis.