SPAC Direct Selling Acquisition files for a $200 million IPO, led by former USANA CEO

Direct Selling Acquisition, a blank check company targeting domestically-based direct selling businesses, filed on Monday with the SEC to raise up to $200 million.

The Plano, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Direct Selling Acquisition would command a market value of $250 million.

The company is led by CEO and Chairman Dave Wentz, the former CEO of USANA Health Sciences (NYSE: USNA), and President, CFO, and Director Mike Lohner, the co-founder and former Chief Strategy Officer of card-linked cash-back advertising platform DOSH, which was sold to Cardlytics in March 2021 for $275 million. The company plans to target domestically-based businesses in the direct selling industry with enterprise values between $500 million and $2 billion.

Direct Selling Acquisition was founded in 2021 and plans to list on the NYSE under the symbol DSAQ.U. BTIG is the sole bookrunner on the deal.