Expensify Form 144: Daniel Vidal Plans $17.6k Share Sale

Rhea-AI Filing Summary

Expensify, Inc. (EXFY) – Form 144 filing discloses that insider Daniel Vidal intends to sell up to 9,000 Class A common shares through Merrill Lynch on or after 01 Aug 2025. At the 07/26/25 reference price (~$1.95), the planned sale is valued at $17,579.57.

The company has 80.40 million shares outstanding, so the proposed sale represents roughly 0.01 % of shares and 0.02 % of 3-month average daily volume (approx.). Form data show the shares were acquired via vested restricted stock on 24 Dec 2024. Recent insider activity by the same filer includes sales of 3,354 shares on 17 Jun 2025 for $7,647 and 909 shares on 30 May 2025 for $2,018.

• No corporate financial metrics, strategic updates, or operational disclosures accompany this filing.
• Form 144 is a notice only; the sale may or may not occur and does not create dilution.

Positive

• Sale equals only ~0.01 % of shares outstanding, limiting market impact and causing no dilution.

Negative

• Insider Daniel Vidal filed to sell 9,000 shares valued at $17,580, following additional sales of 4,263 shares in the prior three months.
• Continued insider selling can weigh on investor sentiment, especially in low-liquidity names.

Insights

Insider Transactions Analyst

TL;DR: Small insider sale (~$18k, 0.01 % float) is unlikely to impact valuation, but continues a pattern of recent selling.

The proposed 9k-share disposition is de minimis versus EXFY’s 80 m float and should not affect liquidity or control. However, Form 144 confirms that Daniel Vidal has now registered roughly 13 k shares for sale in three months, signaling persistent personal monetization. Without concurrent bullish insider purchases, some investors may view ongoing sales as mildly negative for sentiment, though the financial magnitude is immaterial. Overall market impact: neutral.

Portfolio Manager

TL;DR: Filing is immaterial to cash flow or dilution; interpret as modestly bearish on optics alone.

Because no new shares are issued, the event does not alter enterprise value, leverage, or per-share metrics. Yet persistent insider supply can pressure micro-cap stocks with limited volume. If EXFY’s liquidity is thin, even small blocks may widen spreads near the filing date. I would not adjust core valuation models, but would monitor insider activity for trend escalation.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
COMMON	MERRILL LYNCH 2555 E. CAMELBACK RD SUITE 900 PHOENIX AZ 85016	9000	17579.57	80399794	08/01/2025	NASQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
COMMON	12/24/2024	VESTED RESTRICTED SHARES	EXPENSIFY INC			9000	12/24/2024	STOCK OPTION

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
DANIEL VIDAL C/O EXPENSIFY 401 SW 5TH AVE PORTLAND OR 97204	EXPENSIFY, INC CLASS A	06/17/2025	3354	7647.12
DANIEL VIDAL C/O EXPENSIFY 401 SW 5TH AVE PORTLAND OR 97204	EXPENSIFY, INC CLASS A	05/30/2025	909	2017.98

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Expensify's (EXFY) Form 144 disclose?

It notifies the SEC of a planned sale of 9,000 Class A shares by insider Daniel Vidal on or after 01 Aug 2025.

How large is the planned insider sale relative to EXFY's float?

The 9,000 shares are about 0.01 % of the 80.4 million shares outstanding.

What is the estimated market value of the shares to be sold?

Approximately $17,580 based on the filing's reference price.

Were there recent insider sales by the same individual?

Yes, Daniel Vidal sold 3,354 shares on 17 Jun 2025 and 909 shares on 30 May 2025.

Does this Form 144 create dilution for existing shareholders?

No. The filing relates to existing shares; no new shares are issued.