VPC Impact III (VPCC) Shareholders Approve Dave Deal

VPC Impact Acquisition Holdings III, Inc. (NYSE:VPCC) announced today that its shareholders have approved its combination with fintech platform Dave.

The vote was overwhelmingly approved as it received 22,703,814 votes in favor of the business combination. A total of 23,593,855, or 74.38%, of VPCC’s issued and outstanding shares of common stock were present at today’s special meeting.

The 8-K filing did not disclose redemption figures, but on the day of its December 31 redemption deadline, VPCC traded above its trust value of $10. However, it hit a low of $7.93 today and closed 3.72% lower at $8.02.

Nonetheless, the parties expect to close the transaction tomorrow, January 5 and the combined company’s common stock and warrants are expected to commence trading on the Nasdaq on Thursday, January 6, under the symbols “DAVE” and “DAVEW,” respectively.

The parties initially announced their $3.56 billion combination on June 7. Dave provides digital banking services with a particular focus on avoiding punitive fees and helping users improve their financial health.

ADVISORS

• Centerview Partners LLC is serving as exclusive financial advisor
• Orrick, Herrington & Sutcliffe LLP is serving as legal advisor to Dave.
• Citigroup and Jefferies are serving as capital markets advisors to VPCC and co-placement agents on the PIPE.
• White & Case LLP is serving as legal advisor to VPCC.