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

Rhea-AI Filing Summary

Insider sales by an affiliate of Proem funds were disclosed on Form 4 for Dave Inc. (DAVE). Imran Khan, reporting as a director and on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP, reported multiple sales of Class A common stock on 09/15/2025 and 09/16/2025 executed under a Rule 10b5-1 trading plan adopted March 14, 2025. The filing lists numerous dispositions at weighted-average prices across specified ranges, and shows the reporting person’s beneficial ownership declining stepwise in the reported lines to amounts such as 67,761 shares following the last reported sale. The filer notes this is the first of three Form 4s to be filed for these transactions.

Positive

• Sales executed under a Rule 10b5-1 trading plan adopted March 14, 2025, indicating pre-scheduled dispositions
• Detailed disclosure of weighted-average price ranges and an undertaking to provide per-price sale counts upon request
• Reporting includes stepwise beneficial ownership amounts after each reported sale, improving transparency

Negative

• Multiple sizable dispositions by Proem-affiliated funds across 09/15/2025 and 09/16/2025 reducing reported beneficial ownership
• Three Form 4s required due to transaction volume, indicating material total sales that may affect free float or market perception

Insights

Financial Analyst

TL;DR: Multiple planned disposals by an affiliated fund, disclosed transparently under a 10b5-1 plan; impact appears routine.

The transactions are reported as sales under a pre-existing Rule 10b5-1 plan, which typically indicates scheduled, non-discretionary dispositions rather than opportunistic insider selling. The Form 4 lists many separate disposals across two dates with weighted-average prices and resulting beneficial ownership counts after each trade. From an investor-analysis perspective, these filings increase trading transparency and supply precise price ranges for the reported sales, but the filing itself does not disclose any company operational changes or insider intent beyond the plan parameters.

Corporate Governance Expert

TL;DR: Governance disclosure standards met; sales executed under an explicit 10b5-1 plan and fully explained in remarks.

The report identifies the reporting person, relationship to the issuer, and documents that the sales were executed pursuant to a Rule 10b5-1 plan adopted March 14, 2025. The explanatory remarks provide weighted-average price ranges and commit to furnish detailed per-price sale counts on request. The filer also states this is the first of three contemporaneous Form 4s, which is appropriate when reporting-system limits are reached. These details reflect compliance with Section 16 reporting obligations and enhanced traceability of fund-affiliated insider sales.

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).

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)
09/15/2025

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	09/15/2025		S(1)		3,200	D	$218.77(2)	95,686	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		1,867	D	$219.91(3)	93,819	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		2,078	D	$220.79(4)	91,741	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		1,455	D	$221.93(5)	90,286	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		2,396	D	$222.94(6)	87,890	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		1,469	D	$224.02(7)	86,421	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		2,615	D	$224.98(8)	83,806	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		1,195	D	$225.78(9)	82,611	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		1,125	D	$226.88(10)	81,486	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		500	D	$227.97(11)	80,986	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		1,500	D	$229.23(12)	79,486	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		359	D	$229.96(13)	79,127	I	By Proem Investments Master Fund LP
Class A Common Stock	09/15/2025		S(1)		3,111	D	$218.66(14)	95,774	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		2,355	D	$219.95(3)	93,419	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		1,647	D	$220.8(15)	91,772	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		1,617	D	$221.85(16)	90,155	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		2,175	D	$222.84(17)	87,980	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		1,168	D	$223.9(18)	86,812	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		2,980	D	$224.85(19)	83,832	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		1,362	D	$225.77(20)	82,470	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		1,092	D	$226.92(21)	81,378	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		404	D	$228.02(22)	80,974	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		1,295	D	$229.16(23)	79,679	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/15/2025		S(1)		569	D	$229.86(24)	79,110	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		1,022	D	$207.47(25)	78,105	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		678	D	$208.07(26)	77,427	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		2,818	D	$209.78(27)	74,609	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		3,382	D	$210.81(28)	71,227	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		1,534	D	$211.75(29)	69,693	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		1,932	D	$212.72(30)	67,761	I	By Proem Investments Master Fund 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 $218.26 to $219.19, 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 $219.40 to $220.39, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $220.41 to $221.35, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $221.41 to $222.32, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $222.50 to $223.49, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $223.50 to $224.48, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $224.50 to $225.47, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $225.50 to $226.45, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $226.50 to $227.33, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.64 to $228.54, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.85 to $229.77, inclusive.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $229.86 to $230.00, inclusive.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $218.26 to $219.19, inclusive.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $220.41 to $221.39, inclusive.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $221.42 to $222.40, inclusive.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $222.42 to $223.38, inclusive.

18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $223.45 to $224.44, inclusive.

19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $224.45 to $225.42, inclusive.

20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $225.46 to $226.46, inclusive.

21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $226.46 to $227.40, inclusive.

22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.50 to $228.49, inclusive.

23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.62 to $229.58, inclusive.

24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $229.62 to $230.00, inclusive.

25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.84 to $207.80, inclusive.

26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.88 to $208.20, inclusive.

27. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $209.28 to $210.23, inclusive.

28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $210.30 to $211.25, inclusive.

29. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $211.30 to $212.29, inclusive.

30. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $212.30 to $213.26, 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 first 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 the Form 4 for Dave Inc. (DAVE) report on 09/15/2025 and 09/16/2025?

The Form 4 reports multiple sales of Class A common stock by Imran Khan on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP executed on 09/15/2025 and 09/16/2025 under a Rule 10b5-1 plan.

Were the sales by the reporting person discretionary or part of a trading plan?

The sales were executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person for the Proem funds on March 14, 2025, per the filing remarks.

Does the Form 4 disclose prices for the reported sales of DAVE shares?

Yes. The filing provides weighted-average prices for each reported line and discloses the ranges of execution prices for the multiple transactions that comprise each weighted average.

How many Form 4 filings cover these transactions?

The filing states this is the first of three Form 4s being filed by the reporting person on the date hereof due to reporting-system transaction limits.

What is the reporting person’s relationship to Dave Inc.?

Imran Khan is reported as a Director and filed on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP.