OmniLit Acquisition Corp. Shareholders Approve Syntec Optics Merger
01 November 2023 - 6:15AM
OmniLit Acquisition Corp. (“OLIT”) (Nasdaq: OLIT), a publicly
traded special purpose acquisition company, today announced that
its shareholders voted to approve the previously announced business
combination with Syntec Optics, Inc. (“Syntec Optics”) at OLIT’s
Annual meeting of shareholders held today, October 31, 2023 (the
“Annual Meeting”).
Over 99.9% of the votes cast at the Annual Meeting for the
Business Combination Proposal were cast in favor. OLIT shareholders
also voted to approve all other proposals presented at the Annual
Meeting. OLIT plans to file the results of the Annual Meeting, as
tabulated by the inspector of election, with the Securities and
Exchange Commission (the “SEC”) on a Form 8-K.
About Syntec Optics
Syntec Optics, headquartered in Rochester, NY, is one of the
largest custom optics and photonics manufacturers in the United
States. Operating for more than two decades, Syntec Optics runs a
state-of-the-art manufacturing facility with extensive core
capabilities of various optics manufacturing processes, both
horizontally and vertically integrated, to provide a competitive
advantage for OEM customers. Syntec Optics’ mission is to provide a
U.S.-based scalable platform of optics and photonics manufacturing
that keeps American soldiers out of harm's way, offers doctors
technologically advanced tools for patient care, and delivers
photonics-enabled precision to consumer products and services.
Syntec Optics recently launched new products including Low Earth
Orbit satellite optics and light weight night vision goggle optics.
To learn more, visit www.syntecoptics.com.
About OmniLit Acquisition Corp.
OmniLit Acquisition Corp. (OmniLit) is a blank check company
concentrated on identifying high-quality businesses with optics and
photonics capabilities for a business combination. To learn more,
visit www.omnilitac.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended, including certain
financial forecasts and projections. All statements other than
statements of historical fact contained in this press release,
including statements as to the transactions contemplated by the
business combination and related agreements, future results of
operations and financial position, revenue and other metrics,
planned products and services, business strategy and plans,
objectives of management for future operations of Syntec Optics,
market size, and growth opportunities, competitive position and
technological and market trends, are forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or
similar expressions. All forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the control of Syntec Optics or OLIT), which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by OLIT and its management, and Syntec Optics
and its management, as the case may be, are inherently uncertain
and many factors may cause the actual results to differ materially
from current expectations which include, but are not limited to: 1)
the occurrence of any event, change or other circumstances that
could give rise to the termination of the definitive merger
agreement with respect to the business combination; 2) the outcome
of any legal proceedings that may be instituted against Syntec
Optics, OLIT, the combined company or others following the
announcement of the business combination and the transactions
contemplated thereby; 3) the inability to complete the business
combination due to the failure to satisfy other conditions to
closing the business combination; 4) changes to the proposed
structure of the business combination that may be required or
appropriate as a result of applicable laws or regulations or as a
condition to obtaining regulatory approval of the business
combination; 5) the ability to meet Nasdaq's listing standards
following the consummation of the business combination; 6) the risk
that the business combination disrupts current plans and operations
of Syntec Optics as a result of the announcement and consummation
of the business combination; 7) the inability to recognize the
anticipated benefits of the business combination; 8) ability of
Syntec Optics to successfully increase market penetration into its
target markets; 9) the addressable markets that Syntec Optics
intends to target do not grow as expected; 10) the loss of any key
executives; 11) the loss of any relationships with key suppliers;
12) the loss of any relationships with key customers; 13) the
inability to protect Syntec Optics’ patents and other intellectual
property; 14) the failure to successfully execute manufacturing of
announced products in a timely manner or at all, or to scale to
mass production; 15) costs related to the business combination; 16)
changes in applicable laws or regulations; 17) the possibility that
Syntec Optics or the combined company may be adversely affected by
other economic, business and/or competitive factors; 18) Syntec
Optics’ estimates of its growth and projected financial results for
2023 and 2024 and meeting or satisfying the underlying assumptions
with respect thereto; 19) the risk that the business combination
may not be completed in a timely manner or at all, which may
adversely affect the price of OLIT’s securities; 20) the risk that
the transaction may not be completed by OLIT’s business combination
deadline (as may be extended pursuant to OLIT’s governing
documents); 21) the impact of any pandemic, including any mutations
or variants thereof and the Russian/Ukrainian or Israeli conflict,
and any resulting effect on business and financial conditions; 22)
inability to complete any investments or borrowings in connection
with the business combination; 23) the potential for events or
circumstances that result in Syntec Optics’ failure to timely
achieve the anticipated benefits of Syntec Optics’ customer
arrangements; and 24) other risks and uncertainties set forth in
the sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in OLIT’s Form S-1, 8k, and 10Q filings
and registration statement on Form S-4 filed with the SEC, and
declared effective on October 5, 2023. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Nothing in this press release
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither OLIT nor Syntec Optics gives any assurance that
either OLIT or Syntec Optics, or the combined company, will achieve
its expected results. Neither OLIT nor Syntec Optics undertakes any
duty to update these forward-looking statements except as otherwise
required by law.
For further information, please contact:
Skylar Jacobs
Chief Operating Officer
info@omnilitac.com
SOURCE: OmniLit Acquisition Corp. (Nasdaq: OLIT)
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