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.
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