Minority Equality Opportunities (NASDAQ:MEOA) announced this afternoon that it has terminated its combination with cloud services firm Digerati (OTCQB:DTGI).
The 8-K gave few further details, but the SPAC had postponed its completion vote five times as it worked on a means of keeping more shares active in the company and allowing it to maintain listing standards. According to the initial merger documents, Digerati must pay Minority Equality a $2 million break-up fee if either side terminates the deal and possibly $1,265,000 more in certain circumstances.
During its first postponement, Minority Equality Opportunities announced that 728,815 shares were redeemed with the vote, which would have left it with just 52,013 public shares outstanding. Since then, it persuaded about 60,000 more to reverse their decision, but evidently still had more work to do to satisfy the Nasdaq listing requirements.
The company 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.
Minority Equality Opportunities announced its $145 million combination with Digerati 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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