VPC Impact Acquisition Holdings Sponsor III, LLC - 05 Jan 2022 Form 4 Insider Report for VPC Impact Acquisition Holdings III, Inc. (DAVE)

Role
Director, Other*, 10%+ Owner
Signature
/s/ Brian Munsie, Attorney-in-Fact for VPC Impact Acquisition Holdings Sponsor III, LLC
Issuer symbol
DAVE
Transactions as of
05 Jan 2022
Net transactions value
+$7,650,321
Form type
4
Filing time
06 Jan 2022, 18:21:38 UTC
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DAVE Class A common stock, par value $0.0001 per share Options Exercise +5,341,528 5,341,528 05 Jan 2022 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction DAVE Class B common stock, par value $0.0001 Disposed to Issuer $0 -942,622 -15% $0.000000 5,341,528 05 Jan 2022 Class A common stock 942,622 Direct F1, F3
transaction DAVE Class B common stock, par value $0.0001 Options Exercise $0 -5,341,528 -100% $0.000000* 0 05 Jan 2022 Class A common stock 5,341,528 Direct F1, F3
transaction DAVE Private Placement Warrants Award $7,650,321 +5,100,214 $1.50 5,100,214 05 Jan 2022 Class A common stock 5,100,214 $11.50 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

VPC Impact Acquisition Holdings Sponsor III, LLC is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer (which was formerly known as VPC Impact Acquisition Holdings III, Inc. or "VPCC") and Dave Inc. ("Dave"), among other things, (i) VPC Impact Acquisition Holdings Sponsor III, LLC forfeited at no cost 942,622 shares of Class B common stock of VPCC and (ii) each of the remaining issued and outstanding shares of Class B common stock of VPCC converted into shares of Class A common stock of VPCC on a one-for-one basis as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-252577).
F2 The Private Placement Warrants are reported as acquired for purposes of Section 16 of the Exchange Act concurrent with the Closing, because, pursuant to their terms, their exercise was not within the control of the Reporting Persons until the Closing. 5,100,214 Private Placement Warrants were initially acquired in a private placement from the Issuer concurrent with the Issuer's initial public offering. Each Private Placement Warrant is exercisable for one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments. The Private Placement Warrants may be exercised commencing the later of (x) 30 days after the Closing and (y) 12 months from the closing of the Issuer's initial public offering, and expire five years after the Closing or earlier upon redemption or liquidation.
F3 VPC Impact Acquisition Holdings Sponsor III, LLC is the record holder of the securities reported herein. Richard N. Levy, as Chief Executive Officer and Founder of Victory Park Capital Advisors, LLC, has voting and investment discretion with respect to the securities held of record by VPC Impact Acquisition Holdings Sponsor III, LLC. Mr. Levy disclaims any beneficial ownership of the securities held by VPC Impact Acquisition Holdings Sponsor III, LLC other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

Remarks:

Director by Deputization Prior to the Closing VPC Impact Acquisition Holdings Sponsor III, LLC was a Director by Deputization See Exhibit 99.1 - Joint Filer Information, which is incorporated herein by reference and describes in further detail the relationships of the Reporting Persons to the Issuer. As a result of and immediately following the Closing, the Reporting Persons are no longer Directors by Deputization or 10% Owners, and therefore are no longer subject to Section 16 of the Securities Exchange Act of 1934.