Expensify Inc. has entered into a new Letter of Credit Facility and Security Agreement with the Canadian Imperial Bank of Commerce (CIBC) and other lenders, replacing a previously terminated revolving credit facility. The new agreement, signed on October 9, 2025, allows for the issuance of additional irrevocable standby letters of credit and grants CIBC a security interest in substantially all of Expensify's assets, including intellectual property. This agreement governs the terms of an existing $7.5 million standby letter of credit and contains customary covenants, representations, and default provisions. As of the agreement date, no amounts had been drawn on the letter of credit.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Expensify Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001476840-25-000131), on October 15, 2025, and is solely responsible for the information contained therein.