In This Story
Direct Selling Acquisition Corp. (DSAQ0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $2,770,817 for the three months ended September 30, 2024, compared to a net income of $14,315 for the same period in 2023.
Operating costs for the three months ended September 30, 2024, were $265,513, with an interest income of $338,150 earned on cash held in the Trust Account.
As of September 30, 2024, the company reported total assets of $31,884,500, with liabilities totaling $22,893,573.
The company's working capital deficit was $14,135,149 as of September 30, 2024, with $8,988 in its operating bank account.
Direct Selling Acquisition Corp. has until November 28, 2024, to consummate an initial Business Combination, unless extended, with a monthly additional deposit of $90,000 to the Trust Account.
The company entered into a Business Combination Agreement with Aeroflow Urban Air Mobility Private Limited and other entities, with the transactions expected to constitute a Business Combination as per the company's Amended and Restated Certificate of Incorporation.
The Business Combination Agreement includes conditions such as the absence of any legal restraint preventing the consummation of the transactions and the effectiveness of the Registration Statement/Proxy Statement under the Securities Act.
Direct Selling Acquisition Corp. received a delisting notice from NYSE (ICE+0.69%) on April 29, 2024, and began trading its Class A common stock on OTCQX under the symbol 'DSAQ'.
The company recognized $2,150,457 in excise tax payable related to share redemptions as of September 30, 2024, in accordance with the Inflation Reduction Act of 2022.
The company continues to evaluate its options regarding the payment of excise tax obligations and anticipates a shortfall of liquidity if an initial Business Combination is not consummated by the required date.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Direct Selling Acquisition Corp. Warrants each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.