Tech Veteran Imran Khan Fully Exits Dave Position Following Massive 2025 Run-Up
Key Points
1,146 shares were sold indirectly for a transaction value of approximately $233,778 on Dec. 18, 2025.
This sale represented 100% of Imran Khan’s total indirect holdings and fully zeroed out both direct and indirect ownership stakes.
All shares were held indirectly via Proem Special Situations Fund I, LP; no direct holdings were involved in this transaction.
The transaction completes a multi-stage, planned exit, matching a pattern of reduced trade size reflecting the depletion of available share capacity.
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Dave (NASDAQ:DAVE) Director Imran Khan sold his remaining 1,146 shares of the company through indirect open-market sales totaling approximately $233,778 on Dec. 18, 2025, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value | Context |
|---|---|---|
| Shares sold (indirect) | 1,146 | Indirect open-market shares sold (code 'S') in this filing |
| Shares traded (indirect) | 1,146 | Indirect shares disposed (sold + gifted + withheld) in this filing |
| Transaction value | ~$233,778 | Based on SEC Form 4 weighted average purchase price ($204.00) |
| Post-transaction shares (direct) | 0 | Directly held shares after transaction completion |
| Post-transaction shares (indirect) | 0 | Indirectly held shares after transaction completion |
| Post-transaction value (direct ownership) | ~$0.00 | Based on Dec. 18, 2025 market close ($208.78) |
Transaction value based on SEC Form 4 weighted average purchase price ($204.00).
Key questions
- How does this transaction affect Imran Khan’s ownership in Dave?
Imran Khan’s indirect stake, previously held through Proem Special Situations Fund I, LP, was fully exited, leaving him with zero direct or indirect shares post-transaction. - Was this transaction part of a broader liquidation strategy?
Yes; this sale followed a series of progressively smaller trades since June 2025, with median sell sizes declining as overall holdings diminished, consistent with the exhaustion of remaining share capacity. - What is the significance of the indirect holding structure in this filing?
All shares were disposed indirectly via Proem Special Situations Fund I, LP, as clarified in the Form 4 footnotes, and no direct ownership was involved, highlighting the fund’s complete exit. - How does the sale price compare to recent market conditions?
The weighted average sale price was $204.00 per share, which is 7.8% below the current price of $221.32 as of Dec. 23, 2025.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close Dec. 18, 2025) | $204 |
| Market capitalization | $2.98 billion |
| Revenue (TTM) | $491.30 million |
| Net income (TTM) | $146.73 million |
* 1-year performance metrics, if shown, use Dec. 18, 2025 as the reference date.
Company snapshot
- Provides digital financial services including personal financial management, short-term credit alternatives, and digital banking through its online platform.
- Operates a technology-driven platform focused on accessible, low-cost alternatives to traditional banking products.
- Serves individual consumers seeking streamlined, data-driven personal finance solutions in the U.S. market.
Dave operates at scale within the technology-driven financial services sector, leveraging a streamlined digital platform to deliver banking and credit solutions. Its strategy centers on providing accessible, low-cost alternatives to traditional banking products, positioning itself as a disruptor in the consumer finance space. The company’s competitive edge lies in a focused product suite and a data-driven approach to personal finance management.
What this transaction means for investors
Imran Khan, a Dave director and former Snap executive who helped orchestrate two of tech's biggest IPOs, liquidated his entire stake in the neobank in mid-December following a phenomenal year for the stock. The sales, totaling around $20 million across multiple transactions between Dec. 15 and 18, came just weeks after Dave reported record third-quarter results that sent shares surging.
Dave's stock soared 337% over the past year from its 52-week low of $65.46 to a high of $286.45 in July, dramatically outperforming the broader market. The shares closed at $204 on Dec. 18, still more than double their level from early 2025.
Khan sold his final 1,146 shares for approximately $234,000 on Dec. 18, completely zeroing out his position in Dave. The sale capped a December selling spree that included several major transactions made through a pre-arranged trading plan set up in March 2025.
Growth-oriented investors drawn to Dave's momentum should note the stock's high volatility -- it trades with a beta of 3.9, moving nearly four times as much as the broader market. While Dave has demonstrated strong execution, shares remain highly sensitive to quarterly results and fintech sentiment.
Glossary
Indirect holding: Ownership of securities through another entity, such as a fund or partnership, rather than in your own name.
Open-market sale: Selling securities on a public exchange, available to any buyer, rather than through a private transaction.
SEC Form 4: A required filing disclosing insider trades by company officers, directors, or significant shareholders.
Planned exit: A prearranged strategy for gradually selling or disposing of an investment position.
Weighted average price: The average price of shares sold, weighted by the number of shares in each transaction.
Indirect ownership: Holding an interest in an asset via another entity, such as a fund or partnership.
Proem Special Situations Fund I, LP: A limited partnership investment fund, often used for holding and managing securities.
Insider trading: Buying or selling a company’s securities by individuals with access to nonpublic, material information about the company.
Multi-stage exit: Selling a position in several steps over time, rather than all at once.
Transaction value: The total dollar amount received or paid in a specific securities trade.
Ownership stake: The proportion of a company’s shares or interests held by an individual or entity.
TTM: The 12-month period ending with the most recent quarterly report.
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Sara Appino has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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