Direct Selling Acquisition Corp.: debt financing — Direct Selling Acquisition Corp. issues $835,718.75 promissory note to sponsor DSAC Partners LLC

Direct Selling Acquisition Corp.

On May 5, 2023, the company issued an unsecured, non-interest bearing promissory note for $835,718.75 to sponsor DSAC Partners LLC.
Note matures upon completion of the company's initial business combination; no interest accrues.
If no business combination occurs, the note will be repaid only from funds outside the trust account or will be forgiven.
Proceeds likely to be used for working capital and business combination expenses.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Direct Selling Acquisition Corp. incurred loan of $835,718.75 with DSAC Partners LLC at does not bear interest maturing upon closing of the Company’s initial business combination.

Instrument: loan
Principal: $835,718.75
Counterparty: DSAC Partners LLC
Rate: does not bear interest
Maturity: upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On May 5, 2023, Direct Selling Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of $835,718.75 to DSAC Partners LLC (the “Sponsor”).

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Source: SEC EDGAR

accession 0001193125-23-138647

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