Minority Equality Opportunities Acquisition (NASDAQ:MEOA) stock is trending on Wednesday. As of this writing, MEOA stock is up about 140%. What’s more, shares climbed almost 300% at the session high.
Today’s surging stock price comes as shareholders ready for a vote on the special purpose acquisition company (SPAC) merger with Digerati Technologies (OTCMKTS:DTGI) on May 26. After a number of delays, the vote will finally be put forward this Friday.
Back in September, the two companies initially planned to combine “through a deal [pegging] the enterprise value of the combined company at $145M, assuming no redemptions MEOA stockholders.” Per Seeking Alpha, Digerati is based in Texas and is a “Hispanic-founded and led provider of cloud services to small and medium-sized businesses.”
According to the company’s website, Digerati offers “reliable, scalable and cost-effective cloud-based telephony and network solutions” with a primary market in the U.S. as well as “significant strengths in Latino Communities and Cross-Border capabilities, which presents a multitude of opportunities.” It focuses on unified communications as a service (or UCaaS) and will look to leverage growth opportunities in this space.
On May 24, MEOA delayed the vote until May 26, which is now the date investors are shifting their focus toward.
Watching MEOA Stock on May 26
For now, the combination of the two companies “also remains subject to NASDAQ approving MEOA’s initial listing application in connection with the merger.” Assuming the vote succeeds, the firms will combine and that may very well result in the stock trending once again.
This vote also comes at an interesting time. Speculative investments and growth stocks have been under significant pressure. In that regard, perhaps it’s a good thing that MEOA stock hasn’t been voted on yet.
However, growth stocks, tech and more speculative holdings have been performing better lately. While there’s no telling how long this environment will last — or how good it could get — there’s a good reason to strike while the iron is relatively warm.
For now, shareholders should keep an eye on the outcome of this cloud company’s business combination vote on May 26. That’s the biggest upcoming event for MEOA stock.
On the date of publication, Bret Kenwell did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.