Minority Equality Opportunities Acquisition closed its $126.5 million upsized IPO, which included the exercise in full by the underwriters of their over-allotment options.
Each unit consists of one share and one redeemable warrant, exercisable at $11.50 for a share. Once the securities begin separate trading, stock and warrants are expected to list on the Nasdaq under MEOA and MEOAW.
Sphere 3D, a Toronto-based virtualization and data solutions company, sponsored the SPAC. Jarvis Stewart, Chairman and CEO, HP Global Advisors, a Black-owned corporate development and strategy firm, advised Sphere 3D and its subsidiary that sponsored MEOA during the SPAC and IPO process.
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.