Announcement • Apr 02
Direct Selling Acquisition Corp. announced delayed annual 10-K filing On 04/01/2025, Direct Selling Acquisition Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • May 17
Direct Selling Acquisition Corp. announced delayed 10-Q filing On 05/15/2024, Direct Selling Acquisition Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 01
Direct Selling Acquisition Announces Delisting of Common Stock from the New York Stock Exchange On April 29, 2024, Direct Selling Acquisition Corp. (the ‘Company’) announced that it has received a notice letter (the ‘Delisting Notice’) from the New York Stock Exchange (‘NYSE’) that the staff of NYSE Regulation has determined to commence proceedings to delist its Class A common stock, par value $0.0001 per share (the ‘Common Stock’) and units, each consisting of one share of Class A common stock and one-half of one redeemable warrant (the ‘Units’ and together with the Common Stock, the ‘Securities’) from NYSE. Trading in the Company's Securities will be suspended, effective at the close of trading on April 29, 2024. NYSE reached its decision pursuant to Rule 802.01B of the NYSE Listed Company Manual because the Company did not meet NYSE's continued listing standard that requires listed acquisition companies to maintain an average aggregate global market capitalization attributable to its publicly-held shares of at least $40 million over a period of 30 consecutive trading days. The Delisting Notice also indicated that the Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE within ten business days after receiving the delisting notice. NYSE stated that it will apply to the Securities and Exchange Commission to delist the Securities upon completion of all applicable procedures, including any appeal by the Company of NYSE's delisting determination. The Company's Class A Common Stock and Units are expected to open on the OTC Markets' Pink Market on April 30, 2024 under the symbols ‘DSAQ’ and ‘DSAQ.U’, respectively. The Company has submitted an application to have its securities quoted on the OTCQX Marketplace (‘OTCQX’). The Company cannot provide any assurance that the Securities will commence or continue to trade on this market, whether broker-dealers will continue to provide public quotes of the Securities on this market, whether the trading volume of the Securities will be sufficient to provide for an efficient trading market or whether quotes for the Securities will continue on this market in the future. The Company previously announced its intention to voluntarily delist its Securities from NYSE and to move the listing of its Securities from NYSE to the Nasdaq Stock Market (‘Nasdaq’). The Company's decision to withdraw its Nasdaq listing application and to apply to have its Securities quoted on OTCQX was made in consideration of Nasdaq's review of the listing application and determination that the Company's Securities were not eligible for listing on Nasdaq. The Company will remain subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, following the delisting of its Securities from NYSE. Shareholders of the Company will not be required to exchange any Securities, and the Company expects electronic trading to be available without any material disruption. Announcement • Apr 14
Direct Selling Acquisition Announces Notification to New York Stock Exchange of Intention to Voluntarily Delist Common Stock and Units Direct Selling Acquisition Corp. (the ‘Company’) announced its intention to voluntarily delist its Class A common stock, par value $0.0001 per share (the ‘Common Stock’) and units, each consisting of one share of Class A common stock and one-half of one redeemable warrant (the ‘Units’ and together with the Common Stock, the ‘Securities’) from The New York Stock Exchange (‘NYSE’) and, as previously announced, the Company has made an application to have its Securities quoted on the Nasdaq Global Market (‘Nasdaq’). The Company provided notice of the voluntary delisting to NYSE on April 12, 2024, and intends to timely file a Form 25 with the U.S. Securities and Exchange Commission (the ‘SEC’) to effect the delisting of its Securities on or about April 23, 2024. The Company anticipates thereafter filing a Form 8-A with the SEC to register its Common Stock and Units on an accelerated basis on Nasdaq. Although the timing of the Company's decision was driven in part by the determination it could soon fall out of compliance with NYSE listing standards, the Company has been evaluating its listing options for some time and has concluded that, for the Company, 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 Company to focus on completing a business combination with Hunch Technologies Limited (‘PubCo’). The Company has applied to have its Common Stock and Units quoted on Nasdaq and expects that the Common Stock will be quoted on Nasdaq under the ticker symbols ‘DSAQ’ and the Units will be quoted on Nasdaq under the ticker symbol ‘DSAQU’ on or about April 24, 2024, subject to the approval of Nasdaq. The Common Stock and Units will continue to trade on NYSE until that time under the ticker symbols ‘DSAQ’ and ‘DSAQ.U’, respectively. The Company expects that transferring its Common Stock and Units to Nasdaq will enable its investors to hold and trade its Securities without interruption. The Company will remain subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, following the delisting of its Securities from NYSE. Shareholders of the Company will not be required to exchange any Securities, and the Company expects electronic trading to be available without any material disruption. Ultimately, the Company's board of directors determined that it is in the best interests of the Company and its shareholders to voluntarily delist the Company's Securities from NYSE and move to the Nasdaq at this time. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$94.2m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$18m). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$94.2m market cap). Announcement • Apr 02
Direct Selling Acquisition Corp. announced that it has received $1.58 million in funding Direct Selling Acquisition Corp. announced that it has entered into a private placement of unsecured promissory note in the principal amount of $1,580,000 on April 1, 2024. The transaction included participation from returning lender, DSAC Partners LLC. The company shall bear no interest and matures upon closing of the company’s initial business combination. Announcement • Jan 18
Flyblade (India) Private Limited entered into a definitive business combination agreement to acquire Direct Selling Acquisition Corp. (NYSE:DSAQ) from DSAC Partners LLC and others in a reverse merger transaction. Flyblade (India) Private Limited entered into a definitive business combination agreement to acquire Direct Selling Acquisition Corp. (NYSE:DSAQ) from DSAC Partners LLC and others in a reverse merger transaction on January 17, 2024. The Combined Company is expected to have an estimated post-transaction enterprise value of $223 million, assuming no redemptions by DSAQ’s public stockholders. Proceeds from the transaction, before the payment of certain transaction expenses, will comprise up to $63 million of cash held in DSAQ’s trust account before redemptions, with approximately $48 million in net cash on the balance sheet to fund growth, assuming no redemptions by DSAQ’s public stockholders. Upon the closing of the transaction, the newly combined company (“Combined Company” or “PubCo”) is expected to be called Hunch Technologies Limited, and its common shares are expected to be listed on the New York Stock Exchange under the symbol “HNCH.” In connection with the transaction, Hunch Mobility’s shareholders are rolling 100% of their existing equity in Hunch Mobility into the Combined Company and are expected to own approximately 52.0% of the Combined Company on a non-fully diluted basis immediately following the closing of the transaction, assuming no redemptions by DSAQ’s public stockholders.
The transaction does not include a minimum cash condition, but does include capital commitments of $20 million from Investor. The obligations of the Parties to consummate the Transactions are subject to the satisfaction or, if permitted by applicable Law, waiver by the Party for whose benefit such condition exists of the following conditions: (a) no Law or other legal restraint or prohibition issued by any court of competent jurisdiction or other Governmental Authority preventing the consummation of the Transactions shall be in effect; (b) the Registration Statement/Proxy Statement shall have become effective in accordance with the provisions of the Securities Act, and no stop order shall have been issued by the SEC and remain in effect with respect to the Registration Statement/Proxy Statement; (c) the Required DSAQ Stockholder Approval shall have been obtained; (d) the PubCo Class A Ordinary Shares that constitute the DSAQ Share Consideration shall have been approved for listing on the Stock Exchange, subject only to notice of issuance; (e) PubCo shall have entered into a composition agreement with the Revenue Commissioners of Ireland and a Special Eligibility Agreement for Securities with the Depository Trust Company in respect of PubCo Class A Ordinary Shares and, if the DSAQ Warrants are assumed pursuant to this Agreement, PubCo Warrants, both of which are in full force and effect and enforceable in accordance with their respective terms; and (f) PubCo, Sponsor and the Principal Shareholders shall have executed the Registration Rights Agreement. DSAQ and Hunch Mobility’s respective boards of directors have unanimously approved the transaction. The transaction is expected to close in 2024. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as Hunch Mobility’s exclusive financial advisor and lead capital markets advisor. Meredith Laitner and David H. Landau of Ellenoff Grossman & Schole LLP is acting as Hunch Mobility’s U.S. legal counsels, Arthur Cox LLP is acting as Hunch Mobility’s Irish legal counsel and Khaitan & Co is acting as Hunch Mobility’s Indian legal counsel. Dov Kogen, Christian O. Nagler, Peter S. Seligson and Marshall P. Shaffer of Kirkland & Ellis LLP is serving as DSAQ’s U.S. legal counsels, Cyril Amarchand Mangaldas is serving as DSAQ’s Indian legal counsel and McCann FitzGerald LLP is serving as DSAQ’s Irish legal counsel. Continental Stock Transfer & Trust Company is Transfer agent for Direct Selling Acquisition Corp. Announcement • Nov 12
Direct Selling Acquisition Corp. Announces Board Changes On November 3, 2023, John Addison notified Direct Selling Acquisition Corp. (the “ Company”) of his decision to resign as a director of the Company, effective immediately. Mr. Addison’s decision to resign was not the result of any dispute or disagreement with the Company or any matter relating to the Company’s operations, policies or practices. Additionally, on November 3, 2023, in order for the Company to maintain a majority of independent directors, as required by the rules and regulations of the New York Stock Exchange, Wayne Moorehead voluntarily resigned as a director of the Company. Mr. Moorehead’s decision to resign was not the result of any dispute or disagreement with the Company or any matter relating to the Company’s operations, policies or practices, and Mr. Moorehead will continue to serve in the role of Chief Strategy Officer of the Company. Also on November 3, 2023, the Company announced the appointment of Heather Chastain to the Audit Committee of the board of directors of Company. The appointment is effective as of November 3, 2023. Mrs. Chastain is an existing director of the Company and the board of directors of the Company has determined that Mrs. Chastain is an “independent director” as defined in the New York Stock Exchange rules and applicable SEC rules. Announcement • Dec 29
Direct Selling Acquisition Corp. announced that it has received $2.3 million in funding from DSAC Partners LLC Direct Selling Acquisition Corp. announced a private placement of promissory note for proceeds of $2,300,000 on December 28, 2022. The transaction included participation from DSAC Partners LLC. The company shall bear no interest. The investor has right to convert $1,500,000 of this Note, in whole or in part at the option of the investor, into warrants of the company, at a price of $1.00 per Warrant, each Warrant exercisable for one share of Class A common shares, $0.0001 par value per share 
