VPC Impact Acquisition Holdings III, Inc. Stockholders Approve Business Combination with Dave Inc.

Rhea-AI Summary

VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) announced stockholder approval for its business combination with banking app Dave Inc. The special meeting, held on January 4, 2022, saw approximately 96.2% of votes in favor. The transaction is set to close on January 5, 2022, with the combined entity's shares trading on Nasdaq under the symbol 'DAVE' starting January 6, 2022. Dave aims to enhance financial access for its 11 million customers while providing innovative financial products.

Positive

• 96.2% approval from stockholders for the business combination.
• Dave has over 11 million customers, indicating strong market presence.
• Transaction expected to enhance product offerings and market reach.

Negative

• Risks related to meeting closing conditions for the business combination.
• Potential challenges in integrating operations post-acquisition.

Transaction Expected to Close on January 5, 2022

Combined Company Expected to Begin Trading on The Nasdaq Global Market (“Nasdaq”) Under the Symbol “DAVE” on January 6, 2022

CHICAGO & LOS ANGELES--(BUSINESS WIRE)--

VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) (“VPCC”), a publicly-traded special purpose acquisition company, today announced that, at the special meeting of its stockholders held on January 4, 2022, the stockholders voted to approve its previously announced business combination (the “Business Combination”) with Dave Inc. (“Dave”), a banking app on a mission to build products that level the financial playing field.

Approximately 96.2% of the votes cast at the meeting voted to approve the Business Combination Proposal.

The Business Combination is expected to close on January 5, 2022, subject to the satisfaction or waiver of customary closing conditions.

The combined company’s Class A common stock and warrants are expected to begin trading on The Nasdaq Global Market (“Nasdaq”) under the symbols “DAVE” and “DAVEW,” respectively, starting Thursday, January 6, 2022.

The formal results of the vote were included in a Current Report on Form 8-K filed by VPCC with the Securities and Exchange Commission (the “SEC”).

About VPC Impact Acquisition Holdings III, Inc.

VPC Impact Acquisition Holdings III, Inc.’s acquisition and value creation strategy is to identify, partner with and help grow a business in the Fintech industry headquartered or with operations in the United States. VPCC’s sponsor is an affiliate of Victory Park Capital, a global investment firm with a long track record of executing debt and equity financing transactions with some of the largest global Fintech companies. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles and Austin. Victory Park Capital is privately held and a Registered Investment Advisor with the SEC. For more information, please visit: www.victoryparkcapital.com/vih/vpc-impact-acquisition-holdings-iii/

About Dave

Dave is a banking app on a mission to build products that level the financial playing field. Dave helps its more than 11 million customers budget, avoid overdraft fees, find work and build credit. For more information, visit www.dave.com.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or subscribe for any securities, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, the anticipated closing date of the Business Combination, Dave’s strategic plans and expectation for growth and new products offerings and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

In addition to factors previously disclosed in VPCC’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inability to meet the closing conditions to the Business Combination, including the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement or the inability to complete the Business Combination due to the failure to obtain approval of Dave’s equity holders . The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of VPCC’s final prospectus dated March 4, 2021 relating to its initial public offering, the Definitive Proxy Statement/Prospectus, and other documents filed by VPCC from time to time with the SEC. These filings identify and address, or will identify and address, other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about VPCC and Dave or the date of such information in the case of information from persons other than VPCC or Dave, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220104006070/en/

Dave



Media

press@dave.com



Investors

DaveIR@icrinc.com



VPC Impact Acquisition Holdings III, Inc.



Media

Jordan Niezelski, Edelman

jordan.niezelski@edelman.com



Investors

vih3info@victoryparkcapital.com

Source: VPC Impact Acquisition Holdings III, Inc.

FAQ

What is the significance of VPCC's business combination with Dave?

The combination enhances VPCC's position in the fintech sector, leveraging Dave's customer base and innovative products.

When will the business combination between VPCC and Dave be finalized?

The business combination is expected to close on January 5, 2022.

What will the new trading symbols be for the combined company?

The combined company will trade under the symbol 'DAVE' for common stock and 'DAVEW' for warrants on Nasdaq.

What are the potential risks associated with the VPCC and Dave merger?

Risks include not meeting closing conditions and integration challenges after the merger.

How many votes were cast in favor of the business combination?

Approximately 96.2% of the votes cast at the special meeting were in favor of the business combination.