Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it postponing its special meeting to complete its combination with cloud services firm Digerati (OTC:DTGI) for a fifth time, now to June 30.
The SPAC has not yet set a time for the new meeting, but noted in its press release that it will give investors at least 48 hours heads up before then. Minority Equality appears to still be working on a means of keeping more shares active in the company and allow it to maintain listing standards.
It announced with its first postponement that 728,815 shares were redeemed with the vote, which would have left it with just 52,013 public shares outstanding. It has since persuaded about 60,000 more to reverse their decision, but evidently has has more work to do to satisfy the Nasdaq and closing conditions in the deal.
Minority Equality has been halted since May 24 when it disclosed those initial figures. At the time, traders appeared to be looking to chase a low float situation and the SPAC’s stock shot up to a high of $43.50 on the day before settling back down to $26.54 when it was halted.
The parties announced their $145 million combination in September 2022. San Antonio, Texas-based Digerati runs internal phone networks for small and medium-sized businesses through a series of subsidiaries and last reported $7.9 million in revenue for the three months ending January 31 with an operating loss of -$1.5 million.
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