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TechFlow news: U.S. neobank Dave has reached an agreement with FTX to repurchase $100 million in convertible notes at a discounted price of $71 million.
The transaction is still subject to bankruptcy court approval, with a hearing scheduled for January 25, 2024. Jason Wilk, founder and CEO of Dave, said this represents a compelling capital allocation opportunity, allowing the company to execute its growth plans without needing to raise additional equity.
U.S. neobank Dave has reached an agreement with FTX to repurchase $100 million worth of convertible notes at a discounted price of $71 million. The deal is still subject to bankruptcy court approval, with a hearing scheduled for January 25, 2024. Dave's founder and CEO Jason Wilk said this represents a compelling capital allocation opportunity, enabling the company to execute its growth plans without needing to raise additional equity.
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