[Form 4] Dave Inc./DE Insider Trading Activity

Rhea-AI Filing Summary

Imran Khan, identified as a Director of Dave Inc. (ticker DAVE), reported multiple sales of Class A common stock on 09/17/2025. The Form 4 shows six sale transactions executed pursuant to a Rule 10b5-1 trading plan adopted on March 14, 2025 for Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP. The reported dispositions total 8,535 shares sold across multiple prices (weighted-average price ranges listed), reducing the reporting person’s indirect beneficial ownership in the Proem Special Situations Fund I, LP to 48,885 shares. The filing is the third of three Form 4s filed by the reporting person on that date and includes detailed weighted-average price ranges for each grouped sale.

Positive

• Sales executed under a Rule 10b5-1 trading plan, indicating prearranged transactions rather than opportunistic insider trades
• Detailed weighted-average price ranges provided for each grouped sale, enhancing transparency

Negative

• Cumulative dispositions of 8,535 shares on 09/17/2025 reduced indirect beneficial ownership to 48,885 shares
• Multiple Form 4 filings (this is the third of three) on the same date may require consolidation by investors to assess total insider selling

Insights

Securities Analyst

TL;DR Director sold 8,535 shares under a prearranged 10b5-1 plan, lowering indirect holdings to 48,885 shares.

The sales were executed on 09/17/2025 under a Rule 10b5-1 plan adopted 03/14/2025 and were reported across multiple grouped transactions with weighted-average price ranges disclosed for each group. The filing clarifies that these dispositions were preplanned rather than ad hoc, which helps distinguish routine liquidity actions from opportunistic insider selling. The amounts sold across six reported lines sum to 8,535 shares and the remaining indirect beneficial ownership is 48,885 shares held through Proem Special Situations Fund I, LP. No derivative transactions were reported on this Form 4.

Corporate Governance Expert

TL;DR Use of a documented 10b5-1 plan signals pre-scheduled selling by an insider, reducing indirect ownership meaningfully.

The Form 4 indicates the reporting person filed as an individual director but reports indirect holdings via investment funds. The disclosure that this is the third of three Forms 4 filed that day suggests multiple blocks of preplanned sales were executed. The form provides weighted-average price ranges for each grouped sale, and the signature is by an attorney-in-fact on 09/17/2025. From a governance perspective, the presence of a 10b5-1 plan and clear grouping of transactions supports procedural compliance, while the cumulative reduction in indirect holdings to 48,885 shares is a material factual detail for stakeholders to note.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Khan Imran

(Last) (First) (Middle)

C/O DAVE INC.

1265 S. COCHRAN AVENUE

(Street)

LOS ANGELES CA 90019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dave Inc./DE [ DAVE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/17/2025		S(1)		2,523	D	$216.29(2)	54,897	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		2,554	D	$217.21(3)	52,343	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		1,488	D	$218.23(4)	50,855	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		1,170	D	$219.19(5)	49,685	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		600	D	$220.1(6)	49,085	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		200	D	$221.75(7)	48,885	I	By Proem Special Situations Fund I, LP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported on this Form 4 were executed pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP on March 14, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $215.74 to $216.73, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $216.78 to $217.75, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $217.79 to $218.71, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $218.84 to $219.84, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $219.87 to $220.61, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $221.50 to $222.00, inclusive.

Remarks:

Due to the limitation on the number of transactions that can be reported on a single Form 4, this Form 4 is the third of three being filed by the Reporting Person on the date hereof.

	/s/ Joan Aristei as Attorney-in-Fact for Imran Khan	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Imran Khan report on the Form 4 for DAVE on 09/17/2025?

The Form 4 reports that Imran Khan, a Director, sold 8,535 shares of Class A common stock on 09/17/2025 under a Rule 10b5-1 plan, leaving indirect ownership of 48,885 shares.

Were the sales part of a 10b5-1 plan and when was it adopted?

Yes. The sales were executed pursuant to a Rule 10b5-1 trading plan adopted on March 14, 2025 for Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP.

How many separate sale groupings are disclosed and are prices provided?

Six grouped sale lines are disclosed with weighted-average price ranges provided for each grouping; specific ranges are listed in the Form 4 explanations.

Does the Form 4 report any derivative transactions?

No. Table II for derivative securities shows no reported transactions on this Form 4.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Joan Aristei as Attorney-in-Fact for Imran Khan on 09/17/2025.