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Direct Selling Acquisition Corp. closed its initial public offering, raising $230 million by selling 23,000,000 units at $10 each, including 3,000,000 units from the underwriters' over-allotment option. The units, consisting of one Class A common stock and one-half redeemable warrant, began trading on the NYSE under ticker DSAQ.U on September 24, 2021. The company aims to merge with a business in the direct selling industry. BTIG, LLC acted as the sole bookrunner, with I-Bankers Securities as co-manager. The SEC approved the registration statement on September 23, 2021.
Positive
Raised $230 million from the IPO.
Units traded under DSAQ.U symbol indicate strong market interest.
Company's focus on direct selling sector may offer strategic advantages.
Negative
No current business operations as a SPAC may pose risks.
Potential for market volatility as the company seeks a merger.
NEW YORK--(BUSINESS WIRE)--
Direct Selling Acquisition Corp. (the “Company”) today announced the closing of its initial public offering of 23,000,000 units at a price of $10.00 per unit, including 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The units are listed on the New York Stock Exchange (“NYSE”) and began trading under the ticker symbol “DSAQ.U” on September 24, 2021. Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable warrant with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the NYSE under the symbols “DSAQ” and “DSAQ.WS,” respectively.
Direct Selling Acquisition Corp., led by CEO Dave Wentz, is a special purpose acquisition company formed with the purpose of entering into a business combination with one or more businesses. While the Company may pursue an initial business combination with a company in any sector or geography, it intends to focus its search on domestically based businesses within the direct selling industry.
BTIG, LLC is acting as the sole bookrunner for the offering. I-Bankers Securities, Inc. is acting as co-manager for the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained by contacting BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by email at ProspectusDelivery@btig.com.
A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 23, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
What is the purpose of Direct Selling Acquisition Corp. IPO?
The IPO is intended to raise capital for Direct Selling Acquisition Corp. to pursue a business combination with a company in the direct selling industry.
When did Direct Selling Acquisition Corp. begin trading on the NYSE?
Direct Selling Acquisition Corp. began trading on the NYSE under the ticker symbol DSAQ.U on September 24, 2021.
How much did Direct Selling Acquisition Corp. raise in its IPO?
Direct Selling Acquisition Corp. raised $230 million from its initial public offering.
What does each unit in the Direct Selling Acquisition Corp. IPO consist of?
Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.
What is the future outlook for Direct Selling Acquisition Corp.?
The future outlook depends on the company's ability to successfully identify and merge with a suitable business in the direct selling sector.
