Direct Selling Acquisition Corp. (DSAQ) is a special purpose acquisition company (SPAC) with no operations of its own. DSAQ raised $230M in its September 2021 IPO with an original mandate to acquire a company in the direct selling industry (health, wellness, beauty, and personal care businesses that sell through independent distributor networks). DSAQ has since pivoted: in January 2024, it entered into a Business Combination Agreement with Hunch Mobility (FlyBlade India), an urban air mobility company operating in India. The pending deal would merge DSAQ into an Irish holding company, with Hunch Mobility's Indian operations as the core business of the combined public entity. Successive redemption waves have reduced the trust account from ~$234M to ~$30M, significantly limiting deal capacity. The sponsor, DSAC Partners, acquired founder shares representing 20% of the post-IPO share count for $25,000 — creating the classic SPAC dynamic where the sponsor's economics are heavily skewed toward completing any deal, since founder shares are worthless in a liquidation but potentially valuable post-combination. DSAQ has extended its combination deadline multiple times, now to March 2025. The Hunch Mobility deal values the target at ~$150M and requires at least $12M in third-party investment as a closing condition, along with regulatory and stockholder approvals.