Nigel W. Morris - Oct 15, 2021 Form 4 Insider Report for AvidXchange Holdings, Inc. (AVDX)

Role: Director
Signature: /s/ Ryan Stahl, Attorney-in-Fact for Nigel Morris
Stock symbol: AVDX
Transactions as of: Oct 15, 2021
Transactions value $: -$21
Form type: 4
Date filed: 10/19/2021, 09:04 PM
Previous filing: Oct 12, 2021
Next filing: Mar 8, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AVDX	Common Stock	Options Exercise	$718K	+352K		$2.04^*	352K	Oct 15, 2021	By QED Fund III, L.P.	F1
transaction	AVDX	Common Stock	Tax liability	-$718K	-28.7K	-8.16%	$25.00	323K	Oct 15, 2021	By QED Fund III, L.P.	F1
transaction	AVDX	Common Stock	Conversion of derivative security		+891K	+275.53%		1.21M	Oct 15, 2021	By QED Fund III, L.P.	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AVDX	Warrant (right to buy)	Options Exercise	$0	-352K	-100%	$0.00^*	0	Oct 15, 2021	Common Stock	352K	$2.04	By QED Fund II, L.P.	F3
transaction	AVDX	Series E Preferred Stock	Conversion of derivative security	$0	-223K	-100%	$0.00^*	0	Oct 15, 2021	Common Stock	891K		By QED Fund II, L.P.	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	In connection with the issuer's initial public offering of common stock, these warrants were automatically converted into shares of the issuer's common stock on a net exercise basis.
F2	In connection with the issuer's initial public offering of common stock, all shares of Series E Preferred Stock were automatically converted into shares of the issuer's common stock on a 4-for-1 basis. The preferred stock was perpetual and therefore had no expiration date.
F3	The number of underlying shares of common stock and the exercise price reflect the 4-for-1 forward stock split which was effected on September 30, 2021.