Direct Selling Acquisition announced that it intends to adjourn, without conducting any business, the stockholders meeting originally scheduled for March 22 and to reconvene at 11 a.m., Eastern on March 24.
The company also announced today that it has entered into a non-binding letter of intent for a potential business combination with a private company in the urban mobility sector.
If the extension is approved, the SPAC’s lender will deposit $480,000 into the trust account. If the SPAC has not completed a deal by June 28, it may extend the deadline in monthly icnrements up to nine times, provided that the lender deposits $160,000 into trust account for each extension Direct Selling would then Company be able to effect monthly extensions with a board resolution rather than a stockholder vote.
Direct Selling in December received a termination extension to March 28. The SPAC’s sponsor deposited $2.3 milion (10 cents a share) into the trust account for those three months.
The NYSE in November delisted the SPAC’s warrants from the exchange.
The SPAC raised $200 million in a September 2021 IPO with plans to focus on domestically based businesses within the direct selling industry. Read more.
