---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-226507"
form_type: "8-K/A"
ticker: "DAVE"
cik: "0001841408"
company_name: "Dave Inc./DE"
filed_at: "2022-08-22T23:59:59+00:00"
generated_at: "2026-06-23T22:20:51.135867+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Dave Inc. restates 2020, 2021, Q1 2022 financials; member advance cash flow and earnout classification errors

## Summary
- Audit Committee determined prior financials for 2020, 2021, and Q1 2022 should no longer be relied upon.
- Member advances principal portion misclassified as operating activity instead of investing activity, overstating operating cash flow.
- Earnout shares from business combination incorrectly classified as equity instead of liability, requiring reclassification and fair value adjustment.
- Restated audited financial statements for 2021 and 2020 filed as Exhibits 99.3, 99.4, and 99.5.
- Non-cash fair value adjustments on earnout liability impact pro forma financial information.

## SEC filing metadata
- accession: 0001193125-22-226507
- form_type: 8-K/A
- ticker: DAVE
- cik: 0001841408
- company_name: Dave Inc./DE
- filed_at: 2022-08-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841408/000119312522226507/0001193125-22-226507-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841408/000119312522226507/d389751d8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-226507
- JSON: https://secwatch.observer/filing/0001193125-22-226507.json
- Plain text: https://secwatch.observer/filing/0001193125-22-226507.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.