Direct Selling Acquisition in an 8-K filing said shareholders approved a termination extension of up to 12 more months, with the sponsor agreeing to deposit $480,000 into trust for the first three months. If more time is needed, the sponsor has also agreed to deposit up to $1.44 million in 9 equal monthly installments.
This follows a 3-month extension that began in December.
The SPAC raised $200 million in a September 2021 IPO with plans to focus on domestically based businesses within the direct selling industry.
The filing shows 17,404,506 shares were redeemed ahead of the extension vote, removing about $182.5 million from the trust.
The NYSE in November delisted the SPAC’s warrants from the exchange due to abnormally low price levels. Read more.
