Expensify Announces It Has Paid Off All $22.6M Of Debt And Completed A Buyback Of 645,938 Class A Common Stock From Its Founder At An Average Price Of $2.34
Portfolio Pulse from Benzinga Newsdesk
Expensify, Inc. (NASDAQ:EXFY) has paid off all its $22.6 million debt and completed a buyback of 645,938 Class A common stock shares from its founder at an average price of $2.34. The company cleared its revolving line of credit and mortgage, while retaining access to $24 million in credit.
September 09, 2024 | 2:17 pm
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POSITIVE IMPACT
Expensify has eliminated its $22.6 million debt and repurchased 645,938 shares, potentially boosting investor confidence and impacting stock price positively.
The elimination of debt improves the company's financial health, which is generally viewed positively by investors. The share buyback reduces the number of shares outstanding, potentially increasing the value of remaining shares. These actions are likely to have a positive impact on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100