SCHEDULE
13D
1 |
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
Section 32 Fund 1, LP (“Fund 1”) |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(a) ¨
(b) x |
3 |
SEC USE ONLY |
|
4 |
SOURCE OF FUNDS (See Instructions) |
WC |
5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |
¨ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION |
Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
7 |
SOLE VOTING POWER |
See response to row 8. |
8 |
SHARED VOTING POWER |
93,305,022 shares, except that Section 32 GP 1, LLC (“GP 1”), the general partner of Fund 1, may be deemed to have shared power to vote these shares, and William J. Maris (“Maris”), the managing member of GP 1, may be deemed to have shared power to vote these shares. |
9 |
SOLE DISPOSITIVE POWER |
See response to row 10. |
10 |
SHARED DISPOSITIVE POWER |
93,305,022 shares, except that GP 1, the general partner of Fund 1, may be deemed to have shared power to vote these shares, and Maris, the managing member of GP 1, may be deemed to have shared power to dispose of these shares. |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
93,305,022 |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) |
¨ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
28.8%1 |
14 |
TYPE OF REPORTING PERSON (See Instructions) |
PN |
1 This percentage is calculated based
upon 323,539,696 shares of Class A Common Stock outstanding of Dave Inc. (the “Issuer”), as set forth in the Issuer’s
Form 10-Q filed with the Securities and Exchange Commission (“SEC”) (File No. 001-40161) on May 13, 2022.
1 |
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
Section 32 GP 1, LLC (“GP 1”) |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(a) ¨
(b) x |
3 |
SEC USE ONLY |
|
4 |
SOURCE OF FUNDS (See Instructions) |
AF |
5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |
¨ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION |
Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
7 |
SOLE VOTING POWER |
See response to row 8. |
8 |
SHARED VOTING POWER |
93,305,022 shares, all of which are held of record by Section 32 Fund 1, LP (“Fund 1”). GP 1, the general partner of Fund 1, may be deemed to have shared power to vote these shares, and William J. Maris (“Maris”), the managing member of GP 1, may be deemed to have shared power to vote these shares. |
9 |
SOLE DISPOSITIVE POWER |
See response to row 10. |
10 |
SHARED DISPOSITIVE POWER |
93,305,022 shares, all of which are held of record by Fund 1. GP 1, the general partner of Fund 1, may be deemed to have shared power to vote these shares, and Maris, the managing member of GP 1, may be deemed to have shared power to dispose of these shares. |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
93,305,022 |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) |
¨ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
28.8%2 |
14 |
TYPE OF REPORTING PERSON (See Instructions) |
OO |
2 This percentage is calculated based
upon 323,539,696 shares of Class A Common Stock outstanding of Dave Inc. (the “Issuer”), as set forth in the Issuer’s
Form 10-Q filed with the Securities and Exchange Commission (“SEC”) (File No. 001-40161) on May 13, 2022.
1 |
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
William J. Maris (“Maris”) |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(a) ¨
(b) x |
3 |
SEC USE ONLY |
|
4 |
SOURCE OF FUNDS (See Instructions) |
AF |
5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |
¨ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION |
U.S. Citizen |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
7 |
SOLE VOTING POWER |
See response to row 8. |
8 |
SHARED VOTING POWER |
93,305,022 shares, all of which are held of record by Section 32 Fund 1, LP (“Fund 1”). Maris is the sole managing member of Section 32 GP 1, LLC (“GP 1”), the general partner of Fund 1, and may be deemed to have shared power to vote these shares. |
9 |
SOLE DISPOSITIVE POWER |
See response to row 10. |
10 |
SHARED DISPOSITIVE POWER |
93,305,022 shares, all of which are held of record by Section 32 Fund 1, LP (“Fund 1”). Maris is the sole managing member of Section 32 GP 1, LLC (“GP 1”), the general partner of Fund 1, and may be deemed to have shared power to dispose of these shares. |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
93,305,022 |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) |
¨ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
28.8%3 |
14 |
TYPE OF REPORTING PERSON (See Instructions) |
IN |
3 This percentage is calculated based
upon 323,539,696 shares of Class A Common Stock outstanding of Dave Inc. (the “Issuer”), as set forth in the Issuer’s
Form 10-Q filed with the Securities and Exchange Commission (“SEC”) (File No. 001-40161) on May 13, 2022.
Statement on Schedule 13D
This Amendment No. 2 (“Amendment No. 2”) amends and restates
the Schedule 13D initially filed on January 14, 2022, as amended by Amendment No. 1 filed on April 4, 2022 (collectively, the “Original
Schedule 13D”). This Amendment No. 2 relates to the beneficial ownership of Class A Common Stock, par value $0.0001 per share (“Class
A Common Stock”), of Dave Inc., f/k/a VPC Impact Acquisition Holdings III, Inc. (the “Issuer”), a corporation organized
under the laws of the state of Delaware. This Amendment No. 2 is being filed by Section 32 Fund 1, LP (“Fund 1”), Section
32 GP 1, LLC (“GP 1”) and William J. Maris (“Maris” and together with Fund 1 and GP 1, the “Reporting Persons”).
This Amendment No. 2 is being filed to reflect the sale of Class A Common Stock by Fund 1.
| Item 1. | Security
and Issuer |
| (a) | The class of equity securities to which this statement relates is the Class A Common Stock of the Issuer. |
| (b) | The principal executive offices of the Issuer are located at 1265 South Cochran Avenue, Los Angeles, CA
90019. |
| Item 2. | Identity
and Background |
(a)
This Schedule 13D is being filed by
Fund 1, GP 1 and Maris. GP 1 is the general partner of Fund 1 and may be deemed to have shared power to vote and shared power to
dispose of shares of the Issuer held of record by Fund 1. Maris is the managing member of GP 1 and may be deemed to have shared power
to vote and shared power to dispose of shares of the Issuer held of record by Fund 1.
(b)
The address of the principal place of business of each of the Reporting Persons is c/o Section
32, LLC, 171 Main Street, #671, Los Altos, CA 94022.
(c) The
principal occupation of Maris is as the founder and managing member of the venture capital firm Section 32.
The principal business of each of the other Reporting Persons is the venture capital investment
business.
(d) During
the last five years, none of the Reporting Persons have been convicted in any criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During
the last five years, none of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) The
responses of the Reporting Persons with respect to row 6 of their respective cover pages to this Schedule 13D are incorporated herein
by reference.
| Item 3. | Source
and Amount of Funds or Other Considerations |
Business Combination Agreement
An aggregate of 98,114,926 shares of Class A Common
Stock were acquired by the Reporting Persons pursuant to a Business Combination Agreement, dated as of June 7, 2021, by and among the
Issuer, Bear Merger Company I Inc., a Delaware corporation (“First Merger Sub”) and wholly owned subsidiary of the Issuer,
Bear Merger Company II LLC, a Delaware limited liability company (“Second Merger Sub”) and wholly owned subsidiary of the
Issuer, and Dave Inc., a Delaware corporation (“Legacy Dave”) (as it may be amended from time to time, the “Business
Combination Agreement”). Pursuant to the terms of the Business Combination Agreement, a business combination between the Issuer
and Legacy Dave was effected through the merger of First Merger Sub with and into Legacy Dave, with Legacy Dave surviving as the surviving
company and as a wholly owned subsidiary of the Issuer, immediately followed by the merger of Legacy Dave with and into Second Merger
Sub, with Second Merger Sub surviving as the surviving company and as a wholly owned subsidiary of the Issuer (the “Merger,”
and collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”).
The Business Combination closed on January 5, 2022 (the “Closing”).
At
the effective time of the Merger (the “Effective Time”), and subject to the terms and conditions of the Business Combination
Agreement, each share of Legacy Dave Class A common stock, par value $0.00001 (the “Legacy
Dave Class A Common Stock”) was canceled and converted into the right to receive the number of shares of the Issuer’s Class
A Common Stock equal to the product (rounded down to the nearest whole number) of the number of such shares outstanding immediately prior
to the Effective Time multiplied by approximately 1.35438751 (the “Exchange Ratio”).
Open Market Sales
On August 8, 2022, Fund 1 sold 317,404 shares
of Class A Common Stock at a weighted average price per share of approximately $0.77 for aggregate proceeds of approximately $243,671.05.
On August 9, 2022, Fund 1 sold 1,380,045 shares
of Class A Common Stock at a weighted average price per share of approximately $0.76 for aggregate proceeds of approximately $1,050,214.25.
On August 10, 2022, Fund 1 sold 361,633 shares
of Class A Common Stock at a weighted average price per share of $0.74 for aggregate proceeds of approximately $267,608.42.
On August 12, 2022, Fund 1 sold 656,654 shares
of Class A Common Stock at a weighted average price per share of approximately $0.66 for aggregate proceeds of approximately $430,758.46.
On August 15, 2022, Fund 1 sold 2,094,168 shares
of Class A Common Stock at a weighted average price per share of approximately $0.60 for aggregate proceeds of approximately $1,266,950.70.
Source of Funds
The
source of the funds for all purchases and acquisitions by Fund 1 was from working capital.
No part of the purchase price was borrowed by
Fund 1 for the purpose of acquiring any securities discussed in this Item 3.
The information set forth in or incorporated by
reference into Items 4, 5 and 6 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 3.
| Item 4. | Purpose
of Transaction |
Pursuant
to the terms of the Business Combination Agreement, the Reporting Persons tendered 72,442,285 shares of Legacy Dave Class A Common
Stock in exchange for 98,114,926 shares of Class A Common Stock in the aggregate.
Subject to the
Investor Rights Agreement described in Item 6 of this Schedule 13D, one or more Reporting Persons may from time to time buy or sell additional
securities of the Issuer from time to time in open market or private transactions, depending on its evaluation of the Issuer’s
business, prospects and financial condition, the market for the Issuer’s securities, other developments concerning the Issuer,
other investment opportunities available to the Reporting Persons, general economic, money market and stock market conditions, and other
considerations as such Reporting Person deems relevant.
Except
as described herein, none of the Reporting Persons have a present plan or proposal that relate to or would result in any of the transactions
described in subparagraphs (a) through (j) of Item 4 of Schedule 13D of the Securities Exchange Act of 1934 (the “Act”).
However, each of the Reporting Persons reserves the right to propose or participate in future transactions which may result in one or
more of such actions, including but not limited to, an extraordinary corporate transaction, such as a merger, reorganization or liquidation,
sale of a material amount of assets of the Issuer or its subsidiaries, or other transactions which might have the effect of causing the
Class A Common Stock to become eligible for termination of registration under Section 12(g) of the
Act. The Reporting Persons also retain the right to change their investment intent at any time, to acquire additional shares of Class
A Common Stock or other securities of the Issuer from time to time, or to sell or otherwise dispose of all or part of the Class A Common
Stock beneficially owned by them in any manner permitted by applicable law. The Reporting Persons may engage from time to time in ordinary
course transactions with financial institutions with respect to the securities described herein.
| Item 5. | Interest
in Securities of the Issuer |
(a)-(b) The
responses of the Reporting Persons with respect to rows 7 through 13 of their respective cover pages to this Schedule 13D are incorporated
herein by reference.
Calculations
of the percentage of the shares of Class A Common Stock beneficially owned by the Reporting Persons is based on 323,539,696 shares
of Class A Common Stock outstanding as of May 5, 2022, as disclosed in the Issuer’s Form 10-Q filed with the Securities and Exchange
Commission (“SEC”) (File No. 001-40161) on May 13, 2022.
(c) Except
as described in Items 3 and 4 of this Schedule 13D, which descriptions are incorporated herein by reference, none of the Reporting Persons
have engaged in any transaction with respect to the Class A Common Stock during the 60 days prior to the date of filing of this Schedule
13D.
(d) Under
certain circumstances set forth in the limited partnership agreement of Fund 1 and the limited liability company agreement of GP 1, the
partners or members, as the case may be, of each of such entities may be deemed to have the right to receive dividends from, or the proceeds
from the sale of, shares of the Issuer directly or indirectly owned by each such entity of which they are a partner or member.
(e) Not
applicable.
| Item 6. | Contracts,
Arrangements, Understandings or Relationships with Respect to Securities of the Issuer |
Investor
Rights Agreement
On
January 5, 2022, the Issuer entered into an Investor Rights Agreement, which became effective as
of the Closing, with VPC Impact Acquisition Holdings Sponsor III, LLC, a Delaware limited liability company, the Issuer’s initial
stockholders, the Issuer’s directors, and certain holders of the Issuer’s capital stock, including, among others, certain
of the Reporting Persons. Pursuant to the terms of the Investor Rights Agreement, the Issuer will be obligated to file a registration
statement to register the resale of certain shares of the Issuer’s Class A Common Stock within 30 days after the Closing. In addition,
pursuant to the terms of the Investor Rights Agreement and subject to certain requirements and customary conditions, including with regard
to the number of demand rights that may be exercised, the parties to the agreement may demand at any time or from time to time, that
the Issuer file a registration statement on Form S-3 (or on Form S-1 if Form S-3 is not available) to register the securities of the
Issuer held by such holders, and the Issuer is separately required at all times to maintain an effective resale registration statement
for the benefit of the holders party to the agreement. The Investor Rights Agreement also provides such holders with “piggy-back”
registration rights, subject to certain requirements and customary conditions. The Investor Rights Agreement also provides for the securities
of the Issuer held by the holders party thereto to be locked-up for a period of time following the Closing, subject to certain exceptions.
This summary is qualified by the actual terms of the Investor Rights Agreement, a copy of which is attached as an exhibit to this Schedule
13D and is incorporated herein by reference.
| Item 7. | Material
to Be Filed as Exhibits |
Exhibit
No. |
Description |
|
|
A |
Reference to Nina C. Labatt as Attorney-In-Fact |
|
|
B |
Agreement of Joint Filing, dated August 17, 2022 |
|
|
C |
Investor
Rights Agreement, dated as of January 5, 2022, by and among the Issuer and the persons named therein (incorporated by reference
to Exhibit 10.2 to the Issuer’s Current Report on Form 8-K filed with the Securities and Exchange Commission on
January 11, 2022) |
SIGNATURES
After reasonable
inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and
correct.
Date: August 17, 2022
|
Section 32 Fund 1, LP |
|
|
|
By: Section 32 GP 1, LLC |
|
Its: General Partner |
|
|
|
By: |
/s/ Nina C. Labatt |
|
|
Nina C. Labatt, Chief Operating Officer and Chief Financial Officer |
|
|
|
Section 32 GP 1, LLC |
|
|
|
By: |
/s/ Nina C. Labatt |
|
|
Nina C. Labatt, Chief Operating Officer and Chief Financial Officer |
|
|
|
William J. Maris |
|
|
|
/s/ Nina C. Labatt |
|
Nina C. Labatt, Attorney-in-Fact for William J. Maris |
exhibit
A
POWER OF ATTORNEY
Nina C. Labatt has signed this Schedule 13D as Attorney-In-Fact. Note that copies of the applicable Power
of Attorney are already on file with the appropriate agencies.
exhibit
B
Agreement
of Joint Filing
The undersigned hereby agree that a single Schedule 13D (or any amendment
thereto) relating to the Class A Common Stock of Dave Inc. shall be filed on behalf of each of the Reporting Persons. Note that copies
of the applicable Agreement of Joint Filing are already on file with the appropriate agencies.