Digerati and MEOA amend merger deal: deadline extended to June 15, note cap raised to $3.5M

Digerati Technologies, Inc.

Termination date extended from May 30 to June 15, 2023; Digerati no longer obligated to fund MEOA extension costs.
Cap on convertible promissory notes increased from $2M to $3.5M, issuable for working capital and transaction expenses.
Post-merger board set at 7 directors in three classes; Ernest Cunningham and Scott Crist join board; Shawn Rochester on strategic advisory committee.
Surviving company renamed to 'Verve Technologies Corporation' instead of 'Digerati Holdings, Inc.'
Lock-up agreements now required only from Arthur Smith, Craig Clement, Antonio Estrada, and Post Road funds; other stockholders removed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Digerati Technologies, Inc. amended Amendment No. 4 to the Original Business Combination Agreement with Minority Equality Opportunities Acquisition Inc. and MEOA Merger Sub, Inc. (effective 2023-05-30).

Action: amendment
Agreement: merger
Counterparty: Minority Equality Opportunities Acquisition Inc. and MEOA Merger Sub, Inc.
Effective: 2023-05-30

Exact text from the filing

On May 30, 2023, the parties to the Business Combination Agreement entered into Amendment No. 4 to the Original Business Combination Agreement ("Amendment No. 4", and together with the Original Business Combination Agreement, as amended by that certain Amendment No. 1 to Business Combination Agreement dated as of February 14, 2023, by that certain Amendment No. 2 to Business Combination Agreement dated as of February 24, 2023 and by that certain Amendment No. 3 to Business Combination Agreement dated as of May 1, 2023, the "Business Combination Agreement").

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Digerati Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-046188

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