0
Fixed

Number of shares outstanding - incorrect data

Matus Kubala, CFA 2 months ago in Website updated by SA Admin Shubham Shresth 2 months ago 1

Hello, the ticker EXFY has the number of shares outstanding at 67.3 million https://seekingalpha.com/symbol/EXFY/overview

When I check their IPO prospectus, they expect to have 80.9 million shares outstanding after the offering. At current price of $40, the market cap should therefore be $3.2 billion. 

What is the source of the 67.3 million shares? Thank you.

Answer

Answer
Fixed

Hi,

If you look at the prospectus ( link below), page 13

https://www.sec.gov/Archives/edgar/data/0001476840/000162828021022947/expensify424b4.htm

67,347,706 shares is the Class A common stock that is outstanding. LT10 and LT50 common stock is convertible into one share of Class A common stock only upon satisfaction of certain notice. hence only Class A common stock's share outstanding figure is being taken into consideration which is 67.3 million shares and not total which is 80.9 million shares.

Class A common stock to be outstanding immediately after this offering67,347,706 shares.
LT10 common stock to be outstanding after this offering7,332,640 shares.
LT50 common stock to be outstanding after this offering6,224,160 shares.
Total common stock to be outstanding after this offering80,904,506 shares.

Hope this helps! Feel free to reach out in case further assistance is required.

Regards,
Shubham Shresth
Data QA Analyst, Seeking Alpha

Answer
Fixed

Hi,

If you look at the prospectus ( link below), page 13

https://www.sec.gov/Archives/edgar/data/0001476840/000162828021022947/expensify424b4.htm

67,347,706 shares is the Class A common stock that is outstanding. LT10 and LT50 common stock is convertible into one share of Class A common stock only upon satisfaction of certain notice. hence only Class A common stock's share outstanding figure is being taken into consideration which is 67.3 million shares and not total which is 80.9 million shares.

Class A common stock to be outstanding immediately after this offering67,347,706 shares.
LT10 common stock to be outstanding after this offering7,332,640 shares.
LT50 common stock to be outstanding after this offering6,224,160 shares.
Total common stock to be outstanding after this offering80,904,506 shares.

Hope this helps! Feel free to reach out in case further assistance is required.

Regards,
Shubham Shresth
Data QA Analyst, Seeking Alpha