Minority Equality Opportunities Acquisition has again delayed a vote on its proposed merger with Digerati. This marks the fifth postponement in a month. The shareholder vote is now set for June 30.
As before, the purpose of this latest postponement is to contine working to satisfy the closing conditions.
MEOA reported last month that of the 728,815 shares tendered for redemption, the holders of 60,455 shares have withdrawn their redemption requests. That increased the total outstanding shares to 112,468 and lowered the redemption rate to 83% from 93%. The redemptions do not take effect until the closing of a business combination.
Digerati Technologies is a Hispanic-led and founded provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the SME market.
As announced in September, Digerati was expected to have an initial equity value of approximately $228 million, translating into an enterprise value of approximately $145 million if the deal is approved, however, that assumed no shareholder redemptions.
Minority Equality Opportunities Acquisition raised $126.5M in an August 2021 IPO. Read more.
