SCHEDULE: Cadian Capital Discloses 9.4% Stake in Flywire Corp

Cadian Capital Management and its affiliates reported a 9.4% beneficial ownership stake in Flywire Corporation as of September 30, 2025.

Summary

• Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch (collectively, the "Reporting Persons") beneficially own 11,310,589 shares of Flywire Corporation's Voting Common Stock.
• This ownership represents approximately 9.4% of the outstanding Voting Common Stock of Flywire Corporation.
• The percentage is based on 120,238,939 shares of Voting Common Stock outstanding as of September 30, 2025, as disclosed in Flywire Corporation's Form 10-Q filed on November 10, 2025.
• The Reporting Persons have shared voting power and shared dispositive power over all 11,310,589 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Flywire Corporation.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain subjective information to assess sentiment beyond the neutral act of reporting a stake.

Positives

• Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch collectively hold a significant 9.4% stake in Flywire Corporation, representing 11,310,589 shares of Voting Common Stock, indicating substantial institutional investment.

Negatives

• The filing does not contain any information that would be considered negative regarding Flywire Corporation's operations or financial performance.

Future Outlook

NA

Management Comments

• Eric Bannasch, on behalf of the Reporting Persons, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by Cadian Capital Management may be viewed as a vote of confidence in Flywire Corporation, potentially influencing market perception and trading activity.

Key Dates

Keywords

Flywire Corporation, Cadian Capital Management, Institutional Ownership, Voting Common Stock, Beneficial Ownership, SEC Filing, Investment Management, Financial Technology