Pryor Cashman client Minority Equality Opportunities Acquisition Inc., a special purpose acquisition company (SPAC) created to spur minority-owned and operated companies' financial growth and prosperity through strategic mergers and acquisitions, closed its initial public offering this week. Newly listed on the Nasdaq Capital Market, the company raised $126.5M, including the full exercise of the overallotment option. This move made history as the company became the first minority-led SPAC to be listed on NASDAQ. Another Pryor Cashman client, Sphere 3D Corp., sponsored the SPAC and is also a Nasdaq issuer.
A Pryor Cashman team led by Corporate Group co-chair Ali Panjwani and partner Michael Campoli guided the organizations through all necessary processes to secure the IPO and advised on all related matters.
According to the company's press release:
On August 26, 2021, Minority Equality Opportunities Acquisition Inc. ("MEOA") became the first minority-led special purpose acquisition company or SPAC listed on the Nasdaq Capital Market ("NASDAQ"), trading under the ticker symbol "MEOAU."
Led by Mr. Shawn Rochester, MEOA's Chairman and CEO, and Ms. Robin Watkins, its Chief Financial Officer and Secretary, the blank check company will focus its business combination search and transactions on historically undercapitalized minority-owned/controlled businesses in various industry sectors across the country.
On August 30, 2021, MEOA closed its $126.5 million upsized IPO of units, which included the exercise in full by the underwriters of their over-allotment options. Each unit consists of one share of Class A common stock and one redeemable warrant, each warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the Nasdaq Capital Market under the symbols "MEOA" and MEOAW, respectively.
Read related news coverage in the resource links below.
Resources
- [Press Release] Minority Equality Opportunities Acquisition Inc. Becomes the First Minority-Led SPAC Traded on NASDAQ, Closes $126.5 million IPO
- [Yahoo Finance] Sphere 3D Sponsored SPAC - Minority Equality Opportunities Acquisition Inc., Closes Upsized $126.5 Million IPO, Including Full Exercise of the Overallotment Option
- [Yahoo Finance] Minority Equality Opportunities Acquisition Inc. Announces Closing of Upsized $126.5 Million Initial Public Offering, Including Full Exercise of the Overallotment Option
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