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.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...