Minority Equality Opportunities Acquisition postponed this morning's shareholder vote on its proposed merger with Digerati Technolgies, rescheduling for Friday at 10 a.m.
The SPAC noted that 728,815 shares have been submitted for redemption, leaving 52,013 shares outstanding. 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.