Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m.
The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March 28, but is hoping to gain shareholder approval to extend this until June 28 and then a further extension to March 28, 2024, should it need one.
Additionally, Direct Selling announced that its lender, DSAC Partners LLC, will make additional contributions to its trust following the approval of the extension. If it is approved at the upcoming meeting, the lender will deposit $480,000 into DSAQ’s trust account in exchange for a non-interest bearing, unsecured promissory note.
Further, if the SPAC has not completed a business combination by June 28, then it may extend its deadline by one additional month up to nine times, provided that DSAC Partners LLC deposits $160,000 into its trust for each monthly extension, for an aggregate deposit of up to $1,920,000.
Following the adjournment of the meeting, Direct Selling announced that it has signed a non-binding letter of intent (LOI) with a private company in the urban mobility sector. It did not disclose further details on the potential agreement, but the SPAC likely hopes that a signed LOI in hand will get shareholders to stick around at the upcoming meeting to at least wait to hear more.
The SPAC announced the pricing of its $200 million IPO in September 2021 and originally set out to combine with domestically based businesses within the direct selling industry. Direct Selling is led by Chairman and CEO Dave Wentz, President and CFO Mike Lohner, and Chief Strategy Officer Wayne Moorehead.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...