[Form 4] Dave Inc. Warrants Insider Trading Activity

Rhea-AI Filing Summary

Reporting person: Yadin Rozov, a director of Dave Inc. (ticker DAVE / DAVEW), filed a Form 4 reporting multiple open-market sales on 09/04/2025 executed under a Rule 10b5-1 trading plan adopted on June 5, 2025.

The Form 4 shows nine separate sale line items totaling 14,660 shares sold at weighted-average prices ranging from about $195.79 to $204.05 per share, with the reporter holding 79,923 shares directly after the transactions and 2,200 shares indirectly through a family foundation.

Positive

• Trades executed under a Rule 10b5-1 plan, indicating pre-authorized trading and stronger compliance with insider trading rules
• Filing provides weighted-average price ranges and a clear explanation for the multiple sale tranches, aiding transparency

Negative

• Insider sold 14,660 shares on a single date, a sizeable disposition that investors may view as a negative signal
• Form does not state percentage ownership or rationale for the plan, limiting context for the significance of the sales

Insights

Financial Analyst

TL;DR: Insider executed preplanned sales totaling 14,660 shares at ~$196–$204; remaining direct stake is 79,923 shares.

The sales were executed pursuant to a Rule 10b5-1 plan, indicating they were pre-authorized and not opportunistic trades tied to contemporaneous material disclosures. Total disposed shares equal 14,660 on 09/04/2025 at weighted-average prices by tranche between $195.79 and $204.05. Post-transaction direct ownership of 79,923 shares remains material for monitoring but the filing does not disclose the reporter's percentage ownership or company market cap, so assessing valuation impact is not possible from this form alone.

Corporate Governance Expert

TL;DR: Use of a documented 10b5-1 plan supports compliance, while the size of the sales warrants disclosure monitoring by investors.

The filing explicitly states the trades were made under a 10b5-1 plan adopted 06/05/2025 and includes weighted-average price ranges for each tranche. That practice aligns with governance best practices when pre-authorizing trades. The report is signed by an attorney-in-fact and provides explanations for price ranges, which enhances transparency. The form lacks details on percentage ownership and reasons for establishing the plan, which is typical for Form 4.

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^*

Rozov Yadin

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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	09/04/2025		S(1)		1,659	D	$195.79(2)	92,924	D
Class A Common Stock	09/04/2025		S(1)		1,012	D	$196.94(3)	91,912	D
Class A Common Stock	09/04/2025		S(1)		800	D	$197.95(4)	91,112	D
Class A Common Stock	09/04/2025		S(1)		3,035	D	$198.98(5)	88,077	D
Class A Common Stock	09/04/2025		S(1)		3,619	D	$199.9(6)	84,458	D
Class A Common Stock	09/04/2025		S(1)		2,327	D	$201.1(7)	82,131	D
Class A Common Stock	09/04/2025		S(1)		596	D	$201.8(8)	81,535	D
Class A Common Stock	09/04/2025		S(1)		1,384	D	$202.86(9)	80,151	D
Class A Common Stock	09/04/2025		S(1)		228	D	$203.99(10)	79,923	D
Class A Common Stock								2,200	I	By Family Foundation

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 June 5, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.30 to $196.13, 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 footnote.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.38 to $197.34, 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 footnote.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.40 to $198.21, 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 footnote.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.46 to $199.41, 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 footnote.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.47 to $200.43, 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 footnote.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.48 to $201.46, 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 footnote.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.48 to $202.38, 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 footnote.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.50 to $203.43, 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 footnote.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $203.54 to $204.05, 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 footnote.

	/s/ Joan Aristei as Attorney-in-Fact for Yadin Rozov	09/05/2025
	** 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 Yadin Rozov report selling on the Form 4 for DAVEW?

The Form 4 reports 14,660 shares sold in multiple tranches on 09/04/2025 at weighted-average prices between about $195.79 and $204.05 per share.

Were the sales executed under a 10b5-1 plan for DAVE (DAVEW)?

Yes. The Form 4 states the sales were executed pursuant to a Rule 10b5-1 trading plan adopted on June 5, 2025.

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

After the reported sales, the filing shows 79,923 shares directly beneficially owned and 2,200 shares indirectly held by a family foundation.

What price range did the shares sell for on the Form 4?

The reported weighted-average prices by tranche range from approximately $195.79 up to $204.05; each tranche note lists the specific intra-range prices.

Does the Form 4 explain the multiple weighted-average prices?

Yes. Each sale line footnote explains the price is a weighted average for multiple transactions and gives the range of prices for that tranche.