Dave Inc. (“Dave”), a banking app on a mission to build products
that level the financial playing field, and VPC Impact Acquisition
Holdings III, Inc. (NYSE: VPCC) (“VPCC”), a publicly-traded special
purpose acquisition company announced today that they had completed
their previously announced business combination (the “Business
Combination”). The Business Combination was approved by VPCC’s
stockholders on January 4, 2022.
Upon completion of the Business Combination, VPCC changed its
name to “Dave Inc.” and its Class A common stock and public
warrants are expected to begin trading on The Nasdaq Global Market
under the symbols “DAVE” and “DAVEW,” respectively, commencing
January 6, 2022.
The transaction included a $210 million PIPE investment led by
Tiger Global Management, with participation from Wellington
Management, Corbin Capital Partners and Alameda Research, which was
funded in connection with the closing of the Business
Combination.
Jason Wilk, Co-Founder and CEO of Dave, commented, “We are
thrilled to partner with VPCC and our new board of directors as we
continue our mission to build products that level the financial
playing field. This new influx of capital will allow us to invest
in our business and in turn, help more people living paycheck to
paycheck who traditional banking system has failed to support.
We’re looking forward to hitting the ground running.”
“We are pleased to complete the combination and look forward to
working with Jason and the broader Dave team as they accelerate
their growth and continue to disrupt the legacy financial system,”
said Brendan Carroll, Co-CEO of VPCC. “We believe that Dave has
built a first-class banking solution with differentiated offerings
that will continue to improve their customers’ financial
lives.”
Advisors
Centerview Partners LLC is serving as exclusive financial
advisor and Orrick, Herrington & Sutcliffe LLP is serving as
legal advisor to Dave. Citigroup and Jefferies are serving as
capital markets advisors to VPCC and co-placement agents on the
PIPE. White & Case LLP is serving as legal advisor to VPCC.
About VPC Impact Acquisition Holdings III,
Inc.
VPC Impact Acquisition Holdings III, Inc.’s acquisition and
value creation strategy is to identify, partner with and help grow
a business in the Fintech industry headquartered or with operations
in the United States. VPCC’s sponsor is an affiliate of Victory
Park Capital, a global investment firm with a long track record of
executing debt and equity financing transactions with some of the
largest global Fintech companies. The firm was founded in 2007 and
is headquartered in Chicago with additional resources in New York,
Los Angeles and Austin. Victory Park Capital is privately held and
a Registered Investment Advisor with the SEC. For more information,
please visit:
www.victoryparkcapital.com/vih/vpc-impact-acquisition-holdings-iii/
About Dave
Dave is a banking app on a mission to build products that level
the financial playing field. Dave helps its more than 11 million
customers budget, avoid overdraft fees, find work and build credit.
For more information, visit www.dave.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, the
anticipated trading date of Dave on The Nasdaq Global Market,
Dave’s strategic plans and expectation for growth and new products
offerings and other statements identified by words such as “will
likely result,” “are expected to,” “will continue,” “is
anticipated,” “estimated,” “believe,” “intend,” “plan,”
“projection,” “outlook” or words of similar meaning. Such
forward-looking statements are based upon the current beliefs and
expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events may
differ materially from the results anticipated in these
forward-looking statements.
In addition to factors previously disclosed in VPCC’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results and the timing of events to differ materially from
the anticipated results or other expectations expressed in the
forward-looking statements: (i) the outcome of any legal
proceedings that may be instituted against VPCC and Dave following
the consummation of the Business Combination, (ii) the effect of
the transaction on Dave’s business relationships, operating
results, and business generally, (iii) the risk that the
transaction disrupts current plans and operations of Dave, (iv) the
ability to maintain the listing of Dave’s securities on a national
securities exchange, (v) the risk of the changing and uncertain
regulatory landscape in the financial services industries, (vi) the
risk that Dave may be unable to keep pace with the rapid
technological developments and offer new and innovative products
and services in the highly competitive industries in which it
competes, (vii) costs related to the transaction, (viii) the
failure to realize anticipated benefits of the transaction or to
realize estimated pro forma results and underlying assumptions, and
(ix) the possibility that Dave may be adversely affected by other
economic, business, and/or competitive factors. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of VPCC’s final prospectus dated
March 4, 2021 relating to its initial public offering, VPCC’s
registration statement on Form S-4 and amendments thereto, which
was declared effective on December 9, 2021, along with a definitive
proxy statement/prospectus filed by VPCC on December 13, 2021, and
other documents filed by VPCC from time to time with the SEC. These
filings identify and address, or will identify and address, other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. You are cautioned not to
place undue reliance on forward-looking statements as a predictor
of future performance as projected financial information and other
information are based on estimates and assumptions that are
inherently subject to various significant risks, uncertainties and
other factors, many of which are beyond our control. All
information set forth herein speaks only as of the date hereof in
the case of information about VPCC and Dave or the date of such
information in the case of information from persons other than VPCC
or Dave, and we disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication.
Dave
Mediapress@dave.com
InvestorsDaveIR@icrinc.com
VPC Impact Acquisition Holdings III, Inc.
MediaJordan Niezelski, Edelmanjordan.niezelski@edelman.com
Investorsvih3info@victoryparkcapital.com
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