CHARLOTTE – AvidXchange is going to allow employees and consultants to cash in early on the fast-growing fintech firm’s recent IPO.
The company announced an upcoming partial early lock-up release of shares, noting that up to 25% of the total of the shares of common stock, options, or restricted stock units that are held currently by employees or consultants may be sold beginning on Friday.
Executive officers are excluded, the company said.
AvidXchange (Nasdaq: AVDX)) went public in October.
Some 1.6 million shares of common stock would become eligible for sale.
AvidXchange also announced third-quarter financial results on Tuesday in a statement that the company’s revenue for the period was $65.2 million, an increase of 37% year-over-year, compared with $47.6 million in the same period of 2020.
That growth stemmed from a 40% growth in total payment volume, noted co-founder and CEO Michael Praeger, in a statement. That increase was $4 billion in payment volume, growing from $10 billion in the third quarter of 2020 to $14 billion in the same period in 2021.
“We are seeing momentum and continued success of our ‘AvidXchange Business Flywheel’ and are looking to capture the significant greenfield opportunity that exists in the middle market B2B payments segment,” Praeger explained.
AvidXchange processed 16.1 million payments transactions in the third quarter of 2021, a 17% increase from the 13.7 million the company processed in the third quarter of 202.
The company also acquired FastPay in July.
Once a unicorn, AvidXchange goes public – stock price down initially
