Minority Equality Opportunities Acquisition registered to offer 10 million units at $10 each. A unit onsists of one share of stock and one redeemable warrant; whole warrants exercisable for a share at $11.50.
The new SPAC will target target minority-owned businesses such that following a merger the company would qualify as a minority controlled business, with an enterprise value of approximately $250 million to $500 million.
The company is led by President, CEO and Director Shawn Rochester, who has served as CEO of Good Steward and as founder of PHD Enterprises since June 2013, and as vice chairman of Highland Poe since April 2021.
Maxim is sole book-running manager of the offering. The underwriters have an option to purchase up to an additional 1.5 million units to cover any over-allotments.
The SPAc has applied for a Nasdaq listing under MEOAU. Read more.