Minority Equality Opportunities Acquisition priced its IPO of 11 million units at $10 each, with each unit consisting of one share and one redeemable warrant. Whole warrants are exercisable at $11.50 for a share. The offering was 10% larger than the initial 10 million units the SPAC registered in July.
Units begin trading today on the Nasdaq under MEOAU. Once the securities begin separate trading, shares and warrants are expected to list under MEOA and MEOAW.
Maxim is sole book-running manager for the offering.
The underwriters have an over-allotment option to purchase up to 1.65 million additional units. The offering is expected to close Aug. 30.
The new SPAC said in its initial S-1 filing that it will 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. Read more.