OmniLit Acquisition Corp. (NASDAQ:OLIT) announced this afternoon that its special meeting to extend its deadline, originally scheduled for Tuesday, December 13, 2022, has been postponed to Wednesday, December 21, 2022.
The SPAC hopes to use this additional time to continue soliciting proxies from stockholders. At the special meeting, OLIT hopes to gain stockholder approval to extend its timeline by an additional nine months, from February 12, 2023, to November 12, 2023.
As a result of this change, the company has also extended the deadline for holders of its Class A common stock to submit their shares for redemption to Monday, December 19, 2022.
As of December 9, 2022, the end of the redemption period for the ordinary shares, an aggregate of 14,152,185 shares were tendered for redemption. The final redemption price is approximately $10.27 per share redeemed. OmniLit has decided to allow holders to reverse their redemptions up until the new deadline.
Additionally, OmniLit and its sponsor, OmniLit Sponsor, LLC, have entered into one or more non-redemption agreements with certain stockholders and expect to enter into additional non-redemption agreements prior to its meeting. The agreement provides for the allocation of one share of Class B common stock in exchange for every 2.3 investor shares held and not redeemed at the upcoming meeting.
The SPAC announced the pricing of its $125 million IPO in November 2021, and intends to concentrate its efforts on identifying high-quality businesses in the advanced manufacturing industry, specifically the photonics or optics products, services, and end markets.
Latest SPAC Liquidations: Schultze Special Purpose Acquisition Corp. II Schultze Special Purpose Acquisition Corp. II (SAMA) to Liquidate on October 11, 2023 Schultze Special Purpose Acquisition Corp. II (Nasdaq: SAMA), announced that it will redeem all of the outstanding shares of its Class A common stock effective as of October 11, 2023. The Company expects...
Mercato Partners Acquisition Corporation (NASDAQ:MPRA) announced this afternoon via 8-K that its shareholders have approved its combination with Nuvini at a special meeting held earlier today. With 79.74% of the voting power of the Common Stock participating in the vote, the combination was overwhelmingly approved. 7,975,698 shares were recorded voting for the transaction, while only 38,008...
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...