Banking app Dave begins trading on the Nasdaq after completing SPAC merger

Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022.

At the opening price of $8.27, the fintech’s implied market cap was approximately $3.1 billion, according to SPAC Research data. Dave shares were lower by as much as 8% in early, light volume trading, with its market cap dipping below the $3 billion level.

Read more: CNBC