Dave prices upsized $175 million 0% convertible notes due 2031
Dave Inc. priced a $175 million offering of 0% convertible senior notes due April 1, 2031, upsized from $150 million, with an option for up to $25 million more. The company estimates net proceeds of $168.0 million and plans to use about $70.5 million to repurchase roughly 334,000 shares, pay $15.1 million for capped call transactions meant to reduce dilution, and fund general purposes including share repurchases.
Key points
- Principal of $175 million, upsized from $150 million, with an option for up to an additional $25 million; closing expected March 9, 2026.
- Initial conversion price of about $279.13 per share, a premium of about 32.5% over the $210.67 closing price on March 4, 2026.
- Capped call cap price of $421.34 per share, a 100% premium; capped call cost about $15.1 million.
- Concurrent repurchase of about 334,000 shares at $210.67 per share, using about $70.5 million of net proceeds.
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 05, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.