SPACInsider Logo
OmniLit Acquisition Corp. (OLIT) Signs Non-Binding LOI
by Marlena Haddad on 2022-12-19 at 3:48pm

OmniLit Acquisition Corp. (NASDAQ:OLIT) announced in an 8-K filing this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a target company ahead of its extension vote on Wednesday.

The SPAC disclosed that the target is a manufacturer of optics and photonics components and sub-systems with a strategy to continue to acquire and invest in unique high-operating margin optics and photonics companies.

CFO of OLIT, Robert Nelson II, believes that this vertically-integrated target is an attractive opportunity as the photonics manufacturing industry “tends to generally be recession-resistant” and the business “will see gains through tailwinds emerging from increasing global conflict, intelligent automation, and ubiquitous data.”

Today’s LOI announcement just so happens to fall on OLIT’s new redemption deadline. As of December 9, an aggregate of 14,152,185 shares were already tendered for redemption, but shareholders are allowed to reverse their decision up until today.

The SPAC recently adjourned its special meeting from Tuesday, December 13, to Wednesday, December 21, and hopes to gain stockholder approval to extend its timeline by an additional nine months, from February 12, 2023, to November 12, 2023.

Additionally, OmniLit and its sponsor, OmniLit Sponsor, LLC, recently 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.

OmniLit announced the pricing of its $125 million IPO in November 2021, and set out to identify high-quality businesses in the advanced manufacturing industry, specifically the photonics or optics products, services, and end markets.

Since OmniLit’s deal is not at the “definitive agreement” stage, and is still just a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed, which is contingent upon review by a Special Committee of independent directors.



Recent Posts
by Marlena Haddad on 2023-03-20 at 4:27pm

Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...

by Marlena Haddad on 2023-03-20 at 12:50pm

AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...

by Marlena Haddad on 2023-03-20 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...

by Nicholas Alan Clayton on 2023-03-20 at 10:51am

Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...

by Nicholas Alan Clayton on 2023-03-20 at 7:15am

two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved