AvidXchange Announces Early IPO Lock-up Release
17 November 2021 - 8:20AM
AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a
leading provider of accounts payable and payment automation
solutions for the middle market, today announced an upcoming
partial early lock-up release for current employees and consultants
with respect to shares of AvidXchange’s common stock (the “shares”)
pursuant to the terms of certain lock-up agreements (“lock-up
agreements”) entered into by AvidXchange’s securityholders with the
underwriters of AvidXchange’s initial public offering.
Pursuant to the terms of the lock-up agreements, up to 25% of
the total of shares of common stock, options or restricted stock
units, or any other security of the company, held by current
employees or consultants, but excluding executive officers, may be
sold beginning at the commencement of trading on November 19, 2021.
Accordingly, AvidXchange estimates that up to 1,602,846 shares of
common stock will become eligible for sale in the public market at
the open of trading on November 19, 2021.
About AvidXchange™AvidXchange
is a leading provider of accounts payable (“AP”) automation
software and payment solutions for middle market businesses and
their suppliers. AvidXchange’s software-as-a-service-based,
end-to-end software and payment platform digitizes and automates
the AP workflows for more than 7,000 businesses and it has made
payments to more than 700,000 supplier customers of its buyers over
the past five years. To learn more about how AvidXchange is
transforming the way companies pay their bills, visit
www.AvidXchange.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. In this context, forward-looking statements generally
relate to future events or our future financial or operating
performance and often contain words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,”
“expect,” “future,” “likely,” “may,” “should,” “will” and similar
words and phrases indicating future results. These forward-looking
statements are made on the basis of management’s current
expectations, assumptions, estimates and projections and are
subject to significant risks and uncertainties that could cause
actual results to differ materially from those anticipated in such
forward-looking statements. We therefore cannot guarantee future
results, performance or achievements.
Factors which could cause actual results or effects to differ
materially from those reflected in forward-looking statements
include, but are not limited to, the risk factors and other
cautionary statements described in registration statements and
periodic reports we file with the SEC, including our prospectus as
amended and filed with the SEC pursuant to Rule 424(b)(4) on
October 14, 2021 which may be obtained on the investor relations
section of our website (https://ir.avidxchange.com/) and on the SEC
website at www.sec.gov. Any forward-looking statements made by us
in this press release are based only on information currently
available to us and speak only as of the date they are made, and we
assume no obligation to update any of these statements in light of
new information, future events or otherwise unless required under
the federal securities laws.
Media Contact:Olivia
Sorrellsosorrells@avidxchange.com980-643-7889
Investor Contact:ir@avidxchange.com
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