MEOA Makes History As First Black-Led SPAC Traded On NASDAQ
Minority Equality Opportunities Acquisition Inc, known as MEOA for short, is now the first Black-led special purpose acquisition company (SPAC) traded on the Nasdaq Capital Market.
The news on the milestone move comes after MEOA, which will continue to focus on historically undercapitalized minority-owned or controlled businesses, closed a $126.5 million upsized IPO of units on August 30.
Its founders – chairman Shawn Rochester and CEO Robin Watkins – believe “the mission and purpose of MEOA will help catapult minority enterprise in this country.”
Mr. Rochester told the Seattle Times that as a SPAC, they now have the opportunity to not only help drive significant change and unleash superior performance but also signal to the broader marketplace that there is “tremendous value in companies and teams that have long been ignored.”
MEOA has also brought in one of the country’s first Black-owned institutions, the Industrial Bank of Washington, “for its working capital banking needs during the SPAC and IPO process,” according to the company’s press release.
The release also explained that each IPO of units consists of one share of Class A common stock and one redeemable warrant, each warrant entitling the holder to purchase one share of Class A common stock at $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, the statement added.