Direct Selling Acquisition said it received a delisting notice from the New York Stock Exchange. Trading in the SPAC’s securities was suspended, effective at the close of trading on April 29.
Removal of the SPAC’s securities from the exchange was based on Direct Selling falling below a listing requirement to maintain an average global market capitalization of at least $40 million over 30 consecutive trading days.
While Direct Selling could appeal, the company said it intends to open on the OTC Markets’ Pink Market today under the symbols DSAQ and DSAQ.U. The company has submitted an application to have its securities quoted on the OTCQX Marketplace. The SPAC earlier this month said it would aim for a Nasdaq listing.
The company in January announced a merger agreement with Hunch Technologies and Aeroflow Urban Air Mobility. The transaction implies a a pre-money market capitalization of $150 million. The SPAC last month said its sponsor would convert 5,749,000 Class B shares into Class A shares on a 1-for-1 basis. Read more.
