OmniLit Acquisition Corp. (OLIT) Completes Syntec Deal
by Marlena Haddad on 2023-11-07 at 1:12pm

OmniLit Acquisition Corp. (Nasdaq: OLIT) announced this afternoon that it has completed its business combination with precision optics-maker Syntec.

Shareholders already approved the transaction at a special meeting held on October 31. Over 99.9% of the votes cast on the business combination proposal were in favor of approving the business combination and all other proposals on the ballot were also approved.

In connection with the special meeting, shareholders redeemed 97.94% of the SPAC’s trust, leaving it with 296,599 shares and $3.17 million remaining post-vote. Syntec’s CEO Joe Mohr noted that the combined company expects to use the proceeds from the transaction to further facilitate the development and large-scale deployment of its new optics and photonics products.

Starting on November 8, Syntec’s common stock and warrants are expected to trade on the Nasdaq under the symbols “OPTX” and “OPTXW,” respectively. The combined company will operate under the name Syntec Optics Holdings, Inc.

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.

The company will continue to be led by Joe Mohr, CEO, alongside the rest of the current Syntec management team.

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