Direct Selling Acquisition said it will voluntarily delist from The New York Stock Exchange, and has applied to trade on the Nasdaq.
Although the timing of the SPAC’s decision was driven in part by the determination it could soon fall out of compliance with NYSE listing standards, the SPAC said, the company has been evaluating its listing options for some time and has concluded that the management attention required to maintain compliance with NYSE listing standards, outweighs the benefits of being listed on NYSE. Eliminating the effort required to maintain compliance with NYSE listing standards will better enable the SPAC to focus on completing a business combination with Hunch Technologies, Direct Selling said.
The company in January announced the 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.
