WASHINGTON,
Aug. 31, 2021
/PRNewswire/ -- 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.
Sphere 3D Corp. (NASDAQ: ANY), a Toronto, ON, based virtualization and data
solutions company, sponsored the SPAC. Jarvis Stewart, Chairman and CEO, HP Global
Advisors, a Black-owned corporate development and strategy firm,
advised Sphere 3D and its subsidiary that sponsored MEOA during the
SPAC and IPO process.
"The mission and purpose of MEOA will help to catapult minority
enterprise in this country," said Mr. Rochester. "As a SPAC, we
have the opportunity to not only help drive significant change and
unleash superior performance but to also signal to the broader
marketplace that there is tremendous value in companies and
teams that have long been ignored."
In addition to Mr. Rochester and Ms. Watkins, MEOA directors are
majority-minority including, Dr. Julianne
Malveaux, MIT economist and
Dean, College of Ethnic Studies,
Cal State Los Angeles, Mr. Ronald Busby, Sr., President and CEO, US Black
Chamber, Inc., and Mr. Patrick
Linehan, Partner, Steptoe & Johnson.
To further demonstrate its commitment to racial equity and
economic inclusion, MEOA engaged the Industrial Bank of
Washington, one of the country's
preeminent Black-owned institutions, for its working capital
banking needs during the SPAC and IPO process.
"I have long been a believer in MBEs and their untapped
potential," said Sphere 3D CEO Peter
Tassiopoulos. "MBEs not only fortify economic diversity
across various industries but, given the opportunity, will
strengthen the social fabric of America. Sphere 3D is proud to have
played a role in MEOA's initial public offering. MEOA's management
team and directors are uniquely qualified to position acquisition
targets for exponential growth."
A registration statement relating to the securities sold in the
initial public offering was declared effective by the U.S.
Securities and Exchange Commission (the "SEC") on August 25, 2021. The offering was made only by
means of a prospectus, copies of which may be obtained from Maxim
Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3500,
or by visiting EDGAR on the SEC's website at www.sec.gov.
Maxim Group LLC acted as the sole book-running manager for the
initial public offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Minority Equality Opportunities Acquisition
Inc.
Minority Equality Opportunities Acquisition Inc. is a blank
check company, also commonly referred to as a special purpose
acquisition company, or SPAC, organized under the laws of the
State of Delaware and formed for
the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses or entities. While the
Company may pursue an initial business combination target in any
business, industry or geographical location, it intends to focus
its search on transactions with companies that are Minority-Owned
Businesses, such that, immediately following the completion of its
initial business combination, the combined company would qualify as
a Minority Controlled Business. In general, a "Minority-Owned
Business" is a business at least 51% of the equity ownership
interest in which is owned by one or more minority individuals who
are United States citizens or
legal resident aliens and both the management and daily business
operations of which are exercised by one or more minority
individuals (with a minority group member being an individual who
is at least 25% Asian-Indian, Asian-Pacific, Black, Hispanic or
Native American), and a "Minority Controlled Business" is a
business that would qualify for certification as a "minority
business enterprise" by the National Minority Supplier Development
Council, Inc.
Forward-Looking Statement Disclaimer
This press release contains statements that constitute
"forward-looking statements," including with respect to the
Company's initial public offering and search for an initial
business combination. No assurances can be given that the net
proceeds of the initial public offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's prospectus
for the IPO filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
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SOURCE Minority Equality Opportunities Acquisition Inc.