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Dave Inc. closed a private offering of $200 million 0% Convertible Senior Notes due 2031 to qualified institutional buyers under Rule 144A. Net proceeds were about $192.1 million.
The company spent $17.3 million on capped call transactions covering about 0.7 million shares and used about $70.5 million to repurchase roughly 0.3 million shares at $210.67 each. The notes mature on April 1, 2031, carry a 0% coupon, and are initially convertible at 3.5825 shares per $1,000 principal, equivalent to about $279.13 per share, with a maximum initial conversion rate of 4.7467 shares per $1,000 (up to 949,340 shares). The capped calls are designed to limit dilution or higher cash payments above the conversion price up to an initial cap of $421.34 per share.
Dave Inc. director Andrea Mitchell reported selling a total of 30,000 shares of Class A Common Stock in open-market transactions. The sales took place on March 5 and 6, 2026 under a pre-arranged Rule 10b5-1 trading plan adopted on November 30, 2025. Footnotes state the reported prices are weighted averages for multiple trades, with sale prices ranging from $204.34 to $223.22 per share.
Dave Inc. Chief Executive Officer Jason Wilk reported a tax-related share disposition connected to restricted stock unit vesting. On March 4, 2026, 6,678 shares of Dave Inc. Class A common stock were withheld by the company at a value of $210.67 per share to cover tax obligations upon RSU vesting, rather than being sold in the open market.
After this withholding, Wilk directly owned 203,783 shares of Class A common stock and indirectly held an additional 47,882 shares through a trust. The filing reflects administrative equity compensation and tax treatment, not a discretionary market transaction.
Dave Inc. plans a private offering of
The notes may be converted into cash and, at Dave’s election, cash, Class A common stock or a combination for any amount above principal. Dave intends to use net proceeds to fund capped call transactions, repurchase common stock and for general corporate purposes, including further buybacks. Dave also plans capped call hedging with financial institutions and expects to repurchase shares concurrently with pricing, which could influence the trading price of its stock and the notes.
Dave Inc. provides an in-depth annual overview of its neobank business, strategy, and regulatory environment for the year ended December 31, 2025. The company operates a mobile-first platform focused on Americans living paycheck to paycheck, offering ExtraCash advances, fee-free checking, and financial tools.
Since launch, over 19 million people have signed up, with more than 14 million using at least one product, and Members have received over $22 billion in ExtraCash, which offers up to $500 of short-term credit with no interest or late fees. In 2025 Dave shifted ExtraCash to a mandatory 5% service fee structure and raised its monthly membership fee from $1 to $3 for new Members to improve unit economics.
Dave highlights its AI-powered underwriting engine CashAI, updated to version 5.5 in 2025 to improve risk ranking and approval amounts, and embeds AI in fraud detection and support via DaveGPT. The company is transitioning its banking relationships so new Members are onboarded to Coastal Community Bank, supported by lower processing fees under an amended Galileo agreement. Dave also details its virtual-first workforce of about 280 employees, extensive U.S. regulatory obligations, and a broad risk-factor set tied to credit performance, technology, competition, bank-partner dependence, and evolving consumer-protection and data-privacy rules.
Dave Inc. director Nima Khajehnouri filed an initial ownership report on Form 3. This filing establishes him as a reporting insider of the company but does not list any stock transactions, share acquisitions, or dispositions. It is an administrative disclosure rather than a trading event.
Hood River Capital Management LLC filed an amended Schedule 13G reporting beneficial ownership of 1,115,931 shares of Dave Inc. common stock, representing 9.15% of the class as of the stated event date. Hood River reports no voting power over these shares but has sole power to dispose of them.
The firm states the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Dave Inc., indicating a passive investment stance under the applicable SEC rules.
Dave Inc. director Michael W. Pope reported selling 544 shares of Class A Common Stock on February 2, 2026 at $162 per share. After this transaction, he beneficially owned 5,831 shares, held directly. The sale was made under a pre-established Rule 10b5-1 trading plan adopted on March 11, 2025, which is designed to allow insiders to sell shares according to a preset schedule.
A shareholder has filed a notice of proposed sale of 544 shares of common stock, to be sold through Morgan Stanley Smith Barney LLC Executive Financial Services on or around 02/02/2026 on the NASDAQ market. The filing lists an aggregate market value of 89047.36 for these shares and states that there were 12,190,000 shares outstanding at the time of the notice. The shares to be sold were acquired as restricted stock units from the issuer on 01/31/2025, with the same date shown as the date of payment. The person for whose account the securities are to be sold represents that they do not know of any undisclosed material adverse information about the issuer’s operations.
Dave Inc. executive Kyle Beilman reported an option exercise and related share acquisition. On January 27, 2026, he exercised a stock option for 5,000 shares of Class A Common Stock at an exercise price of $1.42 per share. Following the transaction, he beneficially owned 155,556 Class A Common shares directly and 22,958 stock options. The filing notes that the option terms were adjusted for a 1-for-32 reverse stock split that took effect on January 5, 2023, and that the option vested 25% on July 15, 2019, with the remainder vesting in equal monthly installments.