Dave to repurchase $100M convertible note from FTX for $71M cash

Dave Inc./DE

Dave Inc. agreed to buy back $100M convertible note issued to FTX in March 2022 for $71M, a 29% discount.
Transaction requires approval from the Delaware bankruptcy court; hearing set for January 25, 2024.
CEO Jason Wilk stated Dave has sufficient capital to execute growth plan without raising additional equity.
Closing also conditioned on FTX not entering an alternative sale of the note.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Dave Inc./DE entered into Purchase Agreement with FTX Ventures Ltd. (FTX) valued at $71.0 million (effective 2024-01-04).

Action: entry
Agreement: asset purchase
Counterparty: FTX Ventures Ltd. (FTX)
Value: $71.0 million
Effective: 2024-01-04

Exact text from the filing

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”).

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Dave Inc./DE filing history →

Source: SEC EDGAR

accession 0001193125-24-002933

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