Minority Equality Opportunities Acquisition announced that it liquidated July 3 after missing its deal deadline on June 30.
The per-share redemption price was approximately $10.91.
The SPAC in an 8-K last month said Digerati called off their merger agreement. Digerati is a Hispanic-led and founded provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the SME market.
The SPAC had postponed a shareholder vote on the merger five times in the last month, saying it was working to satisfy the closing conditions.
The SPAC had been under a nasdaq trading halt since May 24 after the exchange asked the company for “more information.”
Digerati is on the hook for a $2 million breakup fee to the SPAC as a result of the termination, and could be required to pay an additional $1,265 million, according to the original merger agreement. Read more.