SPAC Minority Equality Opportunities to merge with cloud services provider Digerati
SPAC Minority Equality Opportunities Acquisition Inc. (NASDAQ:MEOA) plans to combine with Digerati (OTCQB:DTGI) through a deal the pegs the enterprise value of the combined company at $145M, assuming no redemptions MEOA stockholders.
MEOA said that the merger would result in Digerati uplisting its shares from the OTC market to Nasdaq. MEOA had approximately $130M in cash in trust as of Sept. 2. The deal is expected to close in Q4.
Based in Texas, Digerati is an Hispanic-founded and led provider of cloud services to small and medium-sized businesses.
On Sept. 2, MEOA said that it stockholders had extended the deadline for the SPAC to consummate a business combination from Aug. 30 to Nov. 30.
MEOA went public in August 2021 through an upsized $110M initial public offering with the goal of completing a transaction with a minority-owned company.