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

Rhea-AI Filing Summary

Kyle Beilman, identified as CFO, COO and Secretary of Dave Inc. (ticker DAVE), reported insider sales on 09/19/2025. The Form 4 shows two dispositions totaling 59,541 shares of Class A common stock sold at weighted-average prices of $230.06 and $231.00, respectively. The filings state the sales were executed under a Rule 10b5-1 trading plan adopted on June 4, 2025. Following the reported transactions the reporting person’s beneficial ownership is shown as approximately 154,051–154,451 shares (direct ownership). The form is signed by an attorney-in-fact and includes an explanation that the $230.06 price is a weighted average from multiple executions between $230.00 and $230.90.

Positive

• Sales executed under a Rule 10b5-1 trading plan, indicating preplanned, compliant transactions
• Detailed disclosure including weighted-average price range and an explicit adoption date for the trading plan
• Reporting person retains substantial direct ownership (~154k shares) after the transactions

Negative

• Insider disposed of 59,541 shares, reducing the reporting person’s stake
• Form 4 shows sizable cashing out at prices near $230, which could be perceived negatively by some investors

Insights

Securities Analyst

TL;DR: Routine insider sales under a documented 10b5-1 plan; not an unexpected liquidity event but reduces insider holdings by ~59.5k shares.

The Form 4 discloses orderly dispositions by a senior officer executed under a pre-established Rule 10b5-1 trading plan, which provides an affirmative defense to insider trading claims when properly adopted. The transactions total 59,541 shares sold at prices around $230–$231, and the reporting person's direct beneficial ownership after the sales remains ~154k shares. This is a disclosure of execution and ownership change rather than new operational or financial information about the issuer.

Corporate Governance Expert

TL;DR: Governance controls appear followed: sales were made under a dated 10b5-1 plan and were attested via Form 4.

The filing specifies the trading-plan adoption date (June 4, 2025) and discloses weighted-average pricing and share counts, indicating procedural compliance with SEC reporting rules. The signature by an attorney-in-fact is properly provided. From a governance perspective, the disclosure is complete for the transactions reported and contains the explanatory details required for transparency.

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
Estimated average burden
hours per response:			0.5

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

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Beilman Kyle

(Last) (First) (Middle)

C/O DAVE INC.

1265 SOUTH 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and COO and Secretary

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

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	09/19/2025		S(1)		59,141	D	$230.06(2)	154,451	D
Class A Common Stock	09/19/2025		S(1)		400	D	$231	154,051	D

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 in this row were executed pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 4, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.00 to $230.90, 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.

	/s/ Joan Aristei as Attorney-in-Fact for Kyle Beilman	09/22/2025
	** 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 Kyle Beilman report on the Form 4 for DAVE?

The Form 4 reports dispositions of 59,541 Class A shares sold on 09/19/2025 under a Rule 10b5-1 plan; beneficial ownership after the sales is ~154k shares.

Were the sales made under a 10b5-1 plan for DAVE (ticker DAVE)?

Yes. The filing states the sales were executed pursuant to a Rule 10b5-1 trading plan adopted on June 4, 2025.

What prices were reported for the insider sales in the Form 4?

The Form 4 shows a weighted-average price of $230.06 for one set of sales (range $230.00–$230.90) and $231.00 for the other reported sale.

How many shares did the reporting person own after the transactions?

The filing lists the reporting person’s direct beneficial ownership following the transactions as approximately 154,051 to 154,451 shares.

Who signed the Form 4 for Kyle Beilman?

The Form 4 was signed by Joan Aristei as Attorney-in-Fact for Kyle Beilman on 09/22/2025.