Direct Selling Acquisition Corp. (DSAQ) Adjourns Extension Vote, Signs LOI
by Marlena Haddad on 2023-03-17 at 12:02pm

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.

 

Direct Selling Acquisition Corp. (DSAQ) Adjourns Extension Vote, Signs LOI
Recent Posts
by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved