Dave (DAVE) said late Tuesday that it intends to offer $150 million of convertible senior notes due 2031 to institutional investors.

The company may also grant initial purchasers an option to buy up to an additional $22.5 million of notes, according to a statement.

The company said the proceeds will fund capped calls, repurchase common stock, and support general corporate purposes, including additional opportunistic buybacks.

Shares of the company fell 4.2% in recent trading during after hours.