---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-002933"
form_type: "8-K"
ticker: "DAVE"
cik: "0001841408"
company_name: "Dave Inc./DE"
filed_at: "2024-01-05T23:59:59+00:00"
generated_at: "2026-06-07T03:23:12.135710+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-002933
- form_type: 8-K
- ticker: DAVE
- cik: 0001841408
- company_name: Dave Inc./DE
- filed_at: 2024-01-05T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841408/000119312524002933/0001193125-24-002933-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841408/000119312524002933/d845437d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-002933
- JSON: https://secwatch.observer/filing/0001193125-24-002933.json
- Plain text: https://secwatch.observer/filing/0001193125-24-002933.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841408/000119312524002933/0001193125-24-002933-index.htm

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