Expensify (EXFY) plans to repurchase about 6.1 million Class A shares at $1.20 per share under its modified Dutch auction tender offer, the company said Thursday.

The tender offer, which expired on Wednesday, was "substantially undersubscribed" relative to its $25 million authorization.

Expensify said the repurchase is expected to reduce its outstanding Class A common stock by about 6.9%.

The company plans to fund the purchase with cash on hand, it said.

Shares of Expensify were 3.2% lower in Thursday premarket trading.