Dave Announces Repurchase of $100 million Convertible Note from FTX for $71 million
LOS ANGELES, Jan. 5, 2024 /PRNewswire/ — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced it has reached an agreement with FTX Ventures Ltd. (“FTX”) to purchase a convertible promissory note that it previously issued to FTX in the original principal amount of $100 million, for a discounted purchase price of $71 million. FTX filed a motion in its bankruptcy proceeding seeking approval of the agreement, which is scheduled to be heard on January 25, 2024.
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