Minority Equality Opportunities Acquisition said today's shareholder meeting to vote on an extension proposal has been pushed back until 2 p.m. Eastern tomorrow.
The proposal calls for an extension in monthly increments up to Aug. 30.
If the measure wins approval, the SPAC will arrange to deposit $83,333.33 into trust for each month required, up to $250,000. If shareholders reject the prosposal, the SPAC will liquidate May 30.
This marks the SPAC's second pursuit of an extension to complete a deal with Digerati Technologies, 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 would list on the Nasdaq if the deal is approved. The all-stock transaction would form a company with an initial equity value of approximately $228 million, translating into an enterprise value of approximately $145 million, assuming no shareholder redemptions.
Minority Equality Opportunities Acquisition raised $126.5M in an August 2021 ipo. Read more.
Source: Minority Equality Opportunities Acquisition Postpone's Today's Extension Vote Until Tomorrow