Direct Selling Acquisition Corp.: debt financing — DSAQ stockholders approve charter amendments; $1.58M note issued; 2.87M shares redeemed for ~$32.1M

Direct Selling Acquisition Corp.

Stockholders approved Extension Amendment extending deadline to April 28, 2024, and allowed monthly extensions up to 11 times.
Sponsor converted 5,749,000 Class B shares to Class A common stock, waiving trust account rights.
2,873,211 shares redeemed at ~$11.16 each, aggregate ~$32,066,629.79 from trust account.
Issued $1.58M unsecured promissory note to sponsor; proceeds deposited into trust account.
Redemption Limitation and Founder Share amendments also approved by stockholders.

item 2.03 item 5.07 item 5.03 item 8.01 item 9.01

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 $1,580,000 with DSAC Partners LLC maturing upon closing of DSAQ’s initial business combination.

Instrument: loan
Principal: $1,580,000
Counterparty: DSAC Partners LLC
Maturity: upon closing of DSAQ’s initial business combination
Event: incurrence

Exact text from the filing

on April 1, 2024, DSAQ issued an unsecured promissory note in the principal amount of $1,580,000 (the “ Note ”) to the Sponsor.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Direct Selling Acquisition Corp.: Amended certificate of incorporation to extend business combination deadline to April 28, 2024 with option for monthly extensions up to eleven months, eliminate redemption limitation, and provide for voluntary conversion of Class B common stock to Class A common stock on a one-for-one basis before c (effective 2024-03-28).

Change: charter amendment
Effective: 2024-03-28

Exact text from the filing

On March 28, 2024, DSAQ held the Special Meeting to amend the Company’s amended and restated certificate of incorporation to (i) extend the date by which DSAQ has to consummate a business combination (the “ Termination Date ”) from March 28, 2024 to April 28, 2024 (the “ Charter Extension Date ”) and to allow DSAQ, without the need for another stockholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis for up to eleven times, by an additional one month each time, after the Charter Extension Date, by resolution of DSAQ’s board of directors (the “ Board ”), if requested by the Sponsor (such amendment, the “ Extension Amendment ” and such proposal, the “ Extension Amendment Proposal ”), (ii) eliminate the limitation that DSAQ may not redeem Class A Common Stock to the extent that such redemption would result in DSAQ having net tangible assets of less than $5,000,001 (the “Redemption Limitation”) in order to allow DSAQ to redeem Class A

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Direct Selling Acquisition Corp. shareholders approved Redemption Limitation Amendment Proposal at the 2024-03-28 meeting.

Outcome: passed
Meeting: 2024-03-28

Exact text from the filing

The Redemption Limitation Amendment Proposal For Against Abstain 9,163,473 2 0

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Direct Selling Acquisition Corp. shareholders approved Extension Amendment Proposal at the 2024-03-28 meeting.

Outcome: passed
Meeting: 2024-03-28

Exact text from the filing

The Extension Amendment Proposal For Against Abstain 9,124,632 38,843 0

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Direct Selling Acquisition Corp. shareholders approved Founder Share Amendment Proposal at the 2024-03-28 meeting.

Outcome: passed
Meeting: 2024-03-28

Exact text from the filing

The Founder Share Amendment Proposal For Against Abstain 9,163,473 2 0

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-24-083348

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