SPAC Minority Equality Opportunity Acquisition files for a $100 million IPO, targeting minority owner-controlled businesses

Minority Equality Opportunities Acquisition, a blank check company targeting minority owner-controlled businesses, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.

The Waxahachie, TX-based company plans to raise $100 million by offering 10 million units at $10 per unit. Each unit contains one share of common stock and one whole warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $126 million. 

Minority Equality Opportunity Acquisition is led by CEO, President, and Chairman Shawn Rochester, CEO of Good Steward, founder of PHD Enterprises, and Vice Chairman of Highland Poe, and CFO, Treasurer, and Director Robin Watkins, a Manager in the Advisory Consulting Practice at Deloitte. The company aims to target Minority Controlled Businesses, defined as businesses in which majority owners own at least 25% of the economic equity or a majority of the voting rights. The company will focus its efforts on businesses with enterprise values between $250 million and $500 million. 

The company was founded in 2021 and plans to list on the Nasdaq under the symbol MEOAU. Minority Equality Opportunities Acquisition filed confidentially on May 11, 2021. Maxim Group LLC is the sole bookrunner on the deal.