Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it is once again postponing its vote to complete its combination with cloud services firm Digerati (OTC:DTGI) from 10 am on Friday, May 26 until 2 pm on Wednesday, May 31.
The SPAC disclosed that it expects to use this second postponement to allow for additional 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. Additionally, the SPAC lost 178,068 shares in an extension vote held on Tuesday, May 23. But, MEOA disclosed today that stockholders holding an aggregate of 60,455 public shares that were submitted for redemption have withdrawn such requests, thereby increasing the number of public shares that will remain outstanding to 112,468.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 Tuesday’s 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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