OmniLit Acquisition Corp. (Nasdaq: OLIT) announced this afternoon that its shareholders approved its combination with precision optics-maker Syntec at a special meeting held earlier today.
At the meeting, over 99.9% of the votes cast for the business combination proposal were cast in favor of the deal. OLIT shareholders also voted to approve all other proposals presented on the ballot.
The SPAC did not divulge redemption results, but it went into today’s meeting with 90.62% of its trust already redeemed from a previous extension vote.
OmniLit has about $13.8 million in its current trust and noted at deal announcement that it expects to issue 31,600,000 shares to Syntec shareholders as consideration for the combination. It did not supplement this with a PIPE and does not have a minimum cash closing condition.
The parties have not yet provided a timeline for when the deal will close. But, once completed, the combined company is expected to trade on the Nasdaq under the new ticker symbol “OPTX”.
OmniLit inked the $316 million deal with Syntec in May. Rochester, New York-based Syntec provides lenses and other optical equipment to the defense, medical and consumer sectors.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...