Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it is pushing back the date for its completion vote for its combination with cloud services firm Digerati (OTC:DTGI), marking the third postponement for the meeting.
The vote, which was originally scheduled to be held on May 24, but was postponed until May 26, and then May 31, will now be held on or prior to June 12.
The SPAC reiterated that the purpose of the further postponement is to allow the company and Digerati additional time to satisfy certain conditions to the closing of the deal.
Additionally, MEOA is still using this time to work with The Nasdaq regarding the halt in trading of its securities. On Wednesday, May 24, MEOA saw significant volatility as it opened at $12.42 before reaching a high of $43.50. The stock closed lower at $26.54 with a total of 1,250,500 shares exchanged throughout the day.
As mentioned during the first postponement, 728,815 shares were tendered for redemption in connection with the vote, which would leave just 52,013 public shares outstanding for MEOA. The SPAC also lost 178,068 shares in an extension vote held on Tuesday, May 23. But, MEOA disclosed last week that stockholders holding an aggregate of 60,455 public shares that were submitted for redemption have withdrawn such requests, thereby increasing the number of public shares that will remain outstanding to 112,468.
Following the approval of the recent extension, Minority Equality now faces a new completion deadline of August 30. MEOA and Digerati intend to continue to work on closing the business combination as soon as possible following its approval by stockholders.
The SPAC announced its $145 million combination with cloud services firm Digerati (OTC:DTGI) in September 2022. San Antonio, Texas-based Digerati runs internal phone networks for small and medium-sized businesses through a series of subsidiaries.
Digerati 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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