Dave plummets after co files shareholder sale, investor exits stake

Dave

14/02/2022 20:34

** Dave Inc  DAVE.O  shares plunge 37.1% to $5.86 on Mon
after regulatory filing and investor reports divesting stake in
the banking app
    ** Co said in filing https://www.sec.gov/Archives/edgar/data/1841408/000119312522039117/d40462d424b3.htm
 existing holders plan to sell up to 331.4 mln shares and 5.1
mln warrants
    ** Also on Mon, UK-based hedge fund Marshall Wace disclosed
https://www.sec.gov/Archives/edgar/data/1318757/000090266422001661/p22-0331sc13g.htm
 it sold position of ~1.3 mln shares, ~5% of co's Class A shares
outstanding it owned as of Dec 31
    ** Mark Cuban-backed Dave went public in early Jan after
completing merger with Victory Park Capital SPAC  urn:newsml:reuters.com:*:nL1N2TM1T3
    ** Just north of 2.4 mln shares have traded on the session
vs 10-DMA volume of nearly 900k, 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))