Direct Selling Acquisition Corp.
Cash in trust
$31.9M
$31,872,076
Trust per share
$11.71
Redemption value
IPO
Sep 2021
$225.4M raised
Combination deadline
—
Not disclosed
Filings on record
128
Latest Apr 1, 2025
Overview
Direct Selling Acquisition Corp. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001871745. It completed its initial public offering in Sep 2021, raising $225.4M in gross proceeds. The vehicle is sponsored by DSAC through DSAC Partners LLC. The mandate targets generalist. Deadline lapsed without a deal; trust returned to public shareholders.
“we intend to focus our search on domestically based businesses within the direct selling industry with enterprise values from $500 million to $2.”
Reading the filings
Arithmetic on what Direct Selling Acquisition Corp. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $11.71 per public share, 17.1% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Sponsor promote
The sponsor's founder block is 750,000 shares against 2,722,283 public shares, or 21.6% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Warrant coverage
Each unit carried one-half of one warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Underwriting
BTIG led the offering. It has been named on 68 SPAC IPOs, book-running 63 of them, and 13.8% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
SEC filing history
Free tier: filings older than 24 hours- NT 10-K
Late annual report notification
Accession 0001193125-25-070560
- DEFA14A
Additional proxy soliciting material
Accession 0001193125-25-070529
- 425
Business-combination communication
Accession 0001193125-25-070527
- 8-K
Submission of matters to a vote of security holders
Items 5.03, 5.07, 9.01 · Accession 0001193125-25-070525
- DEFA14A
Additional proxy soliciting material
Accession 0001193125-25-054084
- DEF 14A
Definitive proxy statement
Accession 0001193125-25-052042
- PRE 14A
PRE 14A
Accession 0001193125-25-035191
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001085146-25-001239
- 425
Business-combination communication
Accession 0001193125-25-001572
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001193125-25-001570
- 10-Q
Quarterly report
Accession 0001193125-24-258778
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001326389-24-000176
- SC 13G/A
SC 13G/A
Accession 0001193125-24-257415
- SC 13G/A
SC 13G/A
Accession 0001193125-24-255953
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001172661-24-004365
- 425
Business-combination communication
Accession 0001193125-24-229476
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001193125-24-229471
- 10-Q
Quarterly report
Accession 0001193125-24-200664
- 425
Business-combination communication
Accession 0001193125-24-173352
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001193125-24-173339
- 425
Business-combination communication
Accession 0001193125-24-146025
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001193125-24-146018
- 10-Q
Quarterly report
Accession 0001193125-24-142964
- 10-K/A
10-K/A
Accession 0001193125-24-142928
- NT 10-Q
Late quarterly report notification
Accession 0001193125-24-139374
- 25-NSE
Notification of delisting
Accession 0000876661-24-000353
- SC 13G/A
SC 13G/A
Accession 0001193125-24-136634
- 4
Statement of changes in beneficial ownership
Accession 0000950170-24-058161
- 425
Business-combination communication
Accession 0001193125-24-123226
- 425
Business-combination communication
Accession 0001193125-24-122699
Direct Selling Acquisition Corp.: questions answered
What is Direct Selling Acquisition Corp.?
Direct Selling Acquisition Corp. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001871745. It completed its initial public offering in Sep 2021, raising $225.4M in gross proceeds. The vehicle is sponsored by DSAC through DSAC Partners LLC. The mandate targets generalist. Deadline lapsed without a deal; trust returned to public shareholders.
How much does Direct Selling Acquisition Corp. hold in trust?
Approximately $31,872,076, or about $11.71 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Direct Selling Acquisition Corp. complete a merger?
No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.
What happens if Direct Selling Acquisition Corp. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Direct Selling Acquisition Corp., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $11.71 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
Is the trust value the same as the share price for Direct Selling Acquisition Corp.?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
How much dilution do Direct Selling Acquisition Corp.'s founder shares and warrants create?
The founder block is 750,000 shares against 2,722,283 public shares, so roughly 21.6% of the combined count sits with the sponsor at nominal cost. Each unit also carried one-half of one warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Direct Selling Acquisition Corp., and what is their track record?
DSAC Partners LLC is the sponsor entity, part of the DSAC franchise. This is the only vehicle we have attributed to that sponsor.
Which banks underwrote the Direct Selling Acquisition Corp. IPO?
BTIG, I-Bankers Securities. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Direct Selling Acquisition Corp. a good investment?
That is not a question this site answers. Direct Selling Acquisition Corp. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Direct Selling Acquisition Corp. data come from?
Filings Direct Selling Acquisition Corp. submitted to the SEC under CIK 0001871745: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Sep 4, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
DSAC: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
BTIG in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Generalist SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All liquidated spacs
Deadline lapsed without a deal; trust returned to public shareholders.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
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Coverage universe, ingestion, normalisation, lifecycle classification and known limits.