Why Shares of the Mark Cuban-Backed App Dave Are Getting Hammered Today

Shares of the Mark Cuban-backed digital banking app Dave (NASDAQ: DAVE) are getting creamed today after the company completed its merger with a blank check company and began trading independently on the Nasdaq. The stock traded more than 34% down in the final hour of trading today.

In June 2021, the special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III announced its plan to merge with Dave at a $4 billion enterprise value. The app was initially launched in 2017 with the intent to help Americans save on overdraft fees and has quickly grown to 11 million users, closing in on Chime-like numbers.

Image source: Getty Images.

Source Fool.com