Dave Inc. Files 8-K on Material Definitive Agreement

TL;DR

**Dave Inc. just signed a big deal, details to follow, could be a game-changer.**

AI Summary

Dave Inc./DE filed an 8-K on January 4, 2024, to report an "Entry into a Material Definitive Agreement." This filing indicates a significant new agreement that could impact the company's operations or financial standing. While the specific details of the agreement are not disclosed in this summary, the filing itself signals a potentially important development for Dave Inc. investors, as such agreements often lead to changes in revenue, expenses, or strategic direction.

Why It Matters

This filing signals a new, potentially significant agreement for Dave Inc., which could affect its future financial performance and strategic direction. Investors should monitor for further details to understand the implications.

Risk Assessment

Risk Level: medium — The filing indicates a material agreement but lacks specific details, creating uncertainty about its potential positive or negative impact on the company.

Analyst Insight

A smart investor would add Dave Inc. to their watchlist and await further disclosures regarding the specifics of the "Material Definitive Agreement" to assess its potential impact on the company's valuation and future prospects.

Key Numbers

• $0.0001 — Par Value per Share (This is the stated par value for Dave Inc.'s Common Stock.)
• 844-857-3283 — Business Phone Number (This is the contact number for Dave Inc.'s business operations.)

Key Players & Entities

• Dave Inc./DE (company) — the registrant filing the 8-K
• January 4, 2024 (date) — date of the earliest event reported
• $0.0001 (dollar_amount) — par value per share of Common Stock
• 001-40161 (company) — Commission File Number for Dave Inc.
• DAV (company) — Trading Symbol for Dave Inc. Common Stock

FAQ

Key Financial Figures

• $0.0001 — registered Common Stock, par value of $0.0001 per share DAVE The Nasdaq Stock Mar
• $368.00 — sable for one share of Common Stock for $368.00 per share DAVEW The Nasdaq Stock Ma
• $100.0 million — ote in the original principal amount of $100.0 million previously issued by the Company to FTX
• $71.0 million — 2022 (the "Note") for consideration of $71.0 million in cash, subject to adjustments pursuan

Filing Documents

• d845437d8k.htm (8-K) — 29KB
• d845437dex101.htm (EX-10.1) — 116KB
• d845437dex991.htm (EX-99.1) — 7KB
• g845437g0105101659907.jpg (GRAPHIC) — 3KB
• 0001193125-24-002933.txt ( ) — 348KB
• dave-20240104.xsd (EX-101.SCH) — 4KB
• dave-20240104_def.xml (EX-101.DEF) — 13KB
• dave-20240104_lab.xml (EX-101.LAB) — 23KB
• dave-20240104_pre.xml (EX-101.PRE) — 14KB
• d845437d8k_htm.xml (XML) — 6KB

01

Item 1.01 Entry into a Material Definitive Agreement. On January 4, 2024, Dave Inc. (the "Company") entered into a purchase and sale agreement (the "Purchase Agreement"), pursuant to which the Company agreed to purchase a convertible promissory note in the original principal amount of $100.0 million previously issued by the Company to FTX Ventures Ltd. ("FTX") on March 21, 2022 (the "Note") for consideration of $71.0 million in cash, subject to adjustments pursuant to certain events specified in the Purchase Agreement (the "Transaction"). FTX is currently a debtor in chapter 11 proceedings commenced in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") and filed a motion for approval of the Purchase Agreement, which is scheduled to be heard at a hearing on January 25, 2024. The closing of the Transaction is conditioned upon the Bankruptcy Court's approval of the Purchase Agreement and upon FTX not entering into an alternative transaction for the sale of the Note. A copy of the Purchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the Purchase Agreement is qualified in its entirety by reference to such exhibit.

01

Item 7.01 Regulation FD Disclosure. On January 5, 2024, the Company issued a press release regarding the Transaction. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information included in this Item 7.01 and in the press release attached hereto as Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall any such information or exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such document.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Purchase and Sale Agreement, dated January 4, 2024, by and between Dave Inc. and FTX Ventures Ltd. 99.1 Press Release dated January 5, 2024 104 Cover Page Interactive Data File (formatted as inline XBRL) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 5, 2024 Dave Inc. By: /s/ Kyle Beilman Name: Kyle Beilman Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR