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.
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