SCHEDULE 13G/A: Divisadero Street Capital Group Amends Passive Stake in Dave Inc., Maintaining 8.8% Ownership

Divisadero Street Capital Management, LP and its affiliated entities have filed an amended Schedule 13G, reaffirming their passive beneficial ownership of 8.8% of Dave Inc.'s Class A common stock as of March 31, 2025.

Summary

• Divisadero Street Capital Management, LP, William Zolezzi, Divisadero Street Partners, L.P., Divisadero Street Partners GP, LLC, and Divisadero Street Capital, LLC collectively filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Dave Inc.
• The filing indicates that Divisadero Street Capital Management, LP, William Zolezzi, and Divisadero Street Capital, LLC each beneficially own 1,013,241 shares of Dave Inc.'s Class A common stock, representing 8.8% of the class.
• Divisadero Street Partners, L.P. and Divisadero Street Partners GP, LLC each beneficially own 744,000 shares, representing 6.4% of the class.
• All reported shares are held with shared voting and shared dispositive power; no reporting person holds sole voting or sole dispositive power.
• The securities are directly owned by advisory clients of Divisadero Street Capital Management, LP, with Divisadero Street Partners, L.P. being the only advisory client known to beneficially own more than 5% of the Common Stock.
• The filing certifies that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Dave Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing (Schedule 13G/A) disclosing beneficial ownership. It does not contain financial performance data, strategic updates, or other information that would typically influence a strong positive or negative sentiment. The sentiment is neutral as it's a compliance-driven disclosure.

Positives

• The continued significant passive stake by Divisadero Street Capital and its affiliates may signal ongoing confidence in Dave Inc. from a notable institutional investor.

Risks

• The filing explicitly states that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, which means the reporting persons are passive investors and may not actively advocate for changes that could benefit shareholders.

Future Outlook

This Schedule 13G/A filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding Dave Inc.'s future performance or strategic direction.

Management Comments

• William Zolezzi, on behalf of the reporting persons, certified that 'the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.'

Industry Context

This filing is a routine disclosure of a significant passive ownership stake by an institutional investor group in a publicly traded company. It reflects a standard compliance requirement for investors holding more than 5% of a company's stock and does not inherently indicate specific industry trends or competitive shifts.

Related Party Transactions

• All securities reported are directly owned by advisory clients of Divisadero Street Capital Management, LP. Divisadero Street Partners, L.P., which is also a reporting person and part of the filing group, is identified as an advisory client that beneficially owns more than 5% of the Common Stock.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant passive ownership stakes, offering insight into the investor base of Dave Inc.

Next Steps

• The reporting persons will continue to comply with SEC regulations regarding beneficial ownership disclosures, filing further amendments if their ownership percentage or intent changes significantly.

Key Dates

Recommendation

Keywords

Dave Inc., DAVE, Schedule 13G/A, beneficial ownership, institutional investor, passive investment, Divisadero Street Capital Management, Class A common stock