EXFY · Expensify, Inc.

Expensify's board-authorized tender offer provides stockholders flexibility to tender shares within a defined price range via a modified Dutch auction mechanism, where the company will set a single purchase price based on tenders to reach the $25 million cap. This structure allows efficient repurchases without proration risks beyond the cap and signals confidence in valuation at the low end of $0.98 per share. The absence of participation by insiders underscores a focus on returning capital to external shareholders. No financing condition supports execution certainty, though other undisclosed conditions apply as detailed in the Offer to Purchase filed with the SEC. Investors should review tender documents for full terms, as the offer impacts approximately a quarter of outstanding shares if fully subscribed.