Dave to repurchase $100M convertible note from FTX for $71M

Dave announced it has reached an agreement with FTX Ventures to purchase a convertible promissory note that it previously issued to FTX in the original principal amount of $100M, for a discounted purchase price of $71M. FTX filed a motion in its bankruptcy proceeding seeking approval of the agreement, which is scheduled to be heard on January 25, 2024. The closing of the transaction is conditioned upon the Bankruptcy Court’s approval of the agreement and upon FTX not entering into an alternative transaction for the sale of the convertible note. “We believe the transaction represents a compelling capital allocation opportunity for Dave. Accounting for the payment, we remain confident that we have sufficient capital to execute on our growth plan without the need to raise additional equity capital,” said Jason Wilk, founder and CEO of Dave.