Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities. Market Information
Our shares of Dave Class A Common Stock and Public Warrants have traded on Nasdaq under the symbols “DAVE” and “DAVEW,” respectively, since January 6, 2022.
Holders of Record
As of December 31, 2025, there were 30 holders of record of Dave Class A common stock, one holder of record of our Class V common stock and 10 holders of record of the public warrants. The number of record holders is based upon the actual number of holders registered on our books at such date and does not include holders of shares in street name or persons, partnerships, associations, corporations or other entities identified in security position listings maintained by depository trust companies.
Dividend Policy
We have not paid any cash dividends on our Dave Class A Common Stock to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition. The payment of any cash dividends will be within the discretion of our Board at such time. We do not anticipate declaring any cash dividends to holders of our Dave Class A Common Stock in the foreseeable future.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
Period
(a) Total Number of Class A Shares Purchased
(b) Average Price Paid per Class A Share
(c) Total Number of Class A Shares Purchased as Part of Publicly Announced Plans or Programs
(d) Maximum Dollar Value of Class A Shares that May Yet Be Purchased Under the Plans or Program (in millions)*
March 1 – March 31, 2025
81,370
$
84.69
81,370
$
43.1
August 1 – August 31, 2025
132,155
$
189.15
132,155
$
18.1
November 1 – November 30, 2025
60,965
$
194.20
60,965
$
113.2
Total
274,490
274,490
* On March 7, 2025, the Board of Directors authorized a share repurchase program of up to $50.0 million (the "March Repurchase Plan"). Through August 2025, we repurchased 213,525 shares of our Class A common stock for approximately $31.9 million under the March Repurchase Plan. On August 12, 2025, the Board authorized a new share repurchase program of up to $125.0 million, which replaced the March Repurchase Plan (the "August Repurchase Plan"). During the fourth quarter of 2025, we repurchased an additional 60,965 shares of our Class A common stock for approximately $11.8 million. As of December 31, 2025, approximately $113.2 million remained available under the repurchase authorization. See Note 21, “Treasury Shares,” to the consolidated financial statements included elsewhere in this report.
Dave Shareholder Return Performance Graph
55
The following graph compares the cumulative total return on our common stock with the cumulative total returns of the Russell 2000 Index and the S&P Software & Services Select Industry Index. The graph covers the period from January 6, 2022, the date our common stock commenced trading on The Nasdaq Global Market following the completion of our business combination, through December 31, 2025. The graph assumes an initial investment of $100 at the market close on January 6, 2022 in Dave Inc. common stock, the Russell 2000 Index, and the S&P Software & Services Select Industry Index, with reinvestment of all dividends. No cash dividends have been declared or paid on our common stock. The stock price performance shown in this graph is not necessarily indicative of future stock price performance.
Index/Company
1/6/2022
12/30/2022
12/29/2023
12/31/2024
12/31/2025
Dave Inc.
$
100.00
$
3.40
$
3.07
$
31.84
$
81.11
Russell 2000 Index
$
100.00
$
80.96
$
94.67
$
105.59
$
119.11
S&P Software & Services Select Industry Index
$
100.00
$
69.46
$
96.26
$
120.79
$
119.60
Item 6. [Reserved]
56
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.