Ultimate magazine theme for WordPress.

Dave co-founder is aiming for freely available shares prior to going public

Martins

A co-founder of Mid-Wilshire-based banking apps developer Dave Inc., who worked on the company’s original software algorithms, said he was denied ownership of the company and would like his day in court.

Litigation comes when Dave, backed by billionaire Mark Cuban, is ready to merge with a blank check company to become a publicly traded company with an enterprise value of more than $ 4 billion.

Zachary Martinsek, 34, alleges in the lawsuit pending civil trial in Los Angeles Superior Court in January that Dave is hiding his ownership position after he was fired by current chairman Jason Wilk on June 22, 2017.
Martinsek, who said he worked on the “predictable algorithms” at Dave for more than a year before Wilk started as CEO in 2016, said he was told by Wilk that their software was not “as promised” and the expectations of the company does not correspond.

“They claimed that my coding did not meet requirements,” said Martinsek over the phone from his home in Dublin, Ohio.
“At the time I thought I built this for you. … I was offended. (E) all I did was for Dave, ”said Martinsek.
He estimates his equity position is worth “hundreds of millions of dollars” today, especially as the company is ready to be publicly traded.

By the time he was fired, Martinsek said he had already paid $ 1,710 for the right to buy more than 1.7 million shares in the company. He claims that 676,874 shares vested at the time of his stock option agreement with Dave on November 1, 2016.
Wilk does not agree with Martinsek’s account.

“Zack Martinsek, an early employee of Dave, was fired in June 2017. He has not been involved with the company since then, including major developments in Dave’s range of products, “Wilk said in a statement. “Despite Mr. Martinsek’s unsubstantiated allegations, his dispute with the company has been disclosed to all Dave investors and the complaint itself is publicly known. Dave denies any claims made by Mr. Martinsek in this regard. ”

For reprint and license inquiries for this item, CLICK HERE.

Comments are closed.