---
schema_version: "secwatch.filing_event.v1"
accession: "0001476840-25-000131"
form_type: "8-K"
ticker: "EXFY"
cik: "0001476840"
company_name: "Expensify, Inc."
filed_at: "2025-10-15T23:59:59+00:00"
generated_at: "2026-05-17T03:43:14.956118+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# Expensify enters into new LOC facility with CIBC, replacing prior loan agreement

## Summary
- $7.5M irrevocable standby LOC remains outstanding; no amounts drawn as of Oct 9, 2025.
- New LOC Security Agreement grants CIBC a security interest in substantially all assets, including IP.
- Prior revolving credit facility was terminated on July 1, 2025; this agreement replaces surviving Contingent Obligations.
- Additional standby LCs may be issued at CIBC's discretion; facility can be terminated by either party.
- Agreement contains customary affirmative/negative covenants and default provisions.

## SEC filing metadata
- accession: 0001476840-25-000131
- form_type: 8-K
- ticker: EXFY
- cik: 0001476840
- company_name: Expensify, Inc.
- filed_at: 2025-10-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1476840/000147684025000131/0001476840-25-000131-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1476840/000147684025000131/exfy-20251009.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001476840-25-000131
- JSON: https://secwatch.observer/filing/0001476840-25-000131.json
- Plain text: https://secwatch.observer/filing/0001476840-25-000131.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.