Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it is postponing a vote to complete its combination with cloud services firm Digerati (OTC:DTGI) from 10 am ET today to the same time Friday, May 26.
At the moment, 728,815 shares have been tendered for redemption in connection with the vote, which would leave just 52,013 public shares outstanding for the SPAC. Minority Equality also lost 178,068 shares in an extension vote yesterday and it would close with about 99.59% of shares redeemed if current levels hold.
That would make for the fourth-highest redemption rate among the 33 SPACs that have closed deals in 2023, with redemptions averaging 96.38% for completed SPACs overall this year. Minority Equality would also finish with the fewest public shares at close should this result hold.
But, Minority Equality has time to massage the final number thanks to the extension it secured this week. It can now punt its transaction deadline up to three times from May 30 to August 30 in exchange for monthly contributions of $83,333 to the its trust.
That provides it a fair amount of flexibility in engaging with shareholders or perhaps bringing in new ones to scoop up shares set for redemption.
In the meantime, the “low-float” signal has reached the market and Minority Equality is up more than +30% to $14 since market open.
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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