Filing Summary
Business Context and Reporting Period
This Form 8-K was filed by VPC Impact Acquisition Holdings III, Inc., a special purpose acquisition company, on April 26, 2021. The filing does not identify Dave Inc. as the registrant. It reports the planned separation and separate trading of the company’s publicly traded units, common stock, and warrants.
Material Event
- Beginning on or about April 26, 2021, holders may elect to separate each unit into one share of Class A common stock and one-fourth of one redeemable warrant.
- Units that remain bundled continue trading on the NYSE under VPCC.U.
- Separately traded Class A common stock trades under VPCC, and warrants trade under VPCC WS.
- Each whole warrant is exercisable for one share of Class A common stock at an exercise price of $11.50 per share.
- No fractional warrants will be issued or traded. Brokers must contact Continental Stock Transfer & Trust Company to process separations.
Financial Metrics, Liquidity, and Debt
The filing provides no revenue, profit, cash flow, margin, debt, liquidity, or other operating financial metrics. It is an event disclosure concerning the trading mechanics of the company’s securities.
Guidance, Outlook, Risks, and Unusual Items
The filing provides no financial guidance or management outlook. Investors should note the potential trading and settlement implications of separating units, including the inability to receive or trade fractional warrants and the requirement to coordinate through a broker and the transfer agent.
Key Facts to Verify
- Confirm that the applicable security is VPC Impact Acquisition Holdings III, Inc., rather than Dave Inc.
- Verify the effective separation date and the applicable NYSE symbols.
- Confirm the number of whole warrants received after separation.
- Review the warrant terms, including the $11.50 exercise price and any additional conditions in the governing warrant agreement.
- Confirm broker processing procedures and any fees or timing requirements for separating units.