Banking app Dave bounces following de-SPAC last week

Dave

13/01/2022 15:44

** Shares of Dave Inc  DAVE.O  jump 44% to $7.49 on Thurs
with no clear catalyst, a week after banking app's debut
    ** Stock last up 33.3% to $6.93, after tripping volatility
halt
    ** Shares have sunk to as low as $4.62 since Mark
Cuban-backed firm completed SPAC deal  urn:newsml:reuters.com:*:nL1N2TM1T3
    ** Many firms that have completed SPAC mergers have seen
their shares tumble recently
    ** The De-SPAC index  .DESPACTR , which tracks the
performance of 25 firms that debuted after a merger, has dropped
~60% from record highs hit last Feb
    ** DAVE is top pct gainer across U.S. exchanges on Thurs
with trading volume of ~6.7 mln shares so far. Just north of 4
mln shares exchanged hands over prior 5 sessions
    ** Co has 372 mln shares outstanding, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))