OmniLit Acquisition priced its offering of 12.5 million units at $10 each. A unit consists of one share of Class A common stock and one-half of a warrant. Units trade on the Nasdaq under OLITU.
The new SPAC intends to target businesses that have potential to utilize advanced manufacturing technology to provide cutting edge optics and photonics solutions and services to customers in a diverse set of market verticals.
Omnilit is led by Chairman and CEO Al Kapoor, who acquired his first advanced manufacturing company in Rochester New York, renamed it Syntec Optics, and transformed it into a defense, medical and consumer optics and photonics leader.
Imperial Capital and I-Bankers are joint book-running managers of the offering. The underwriters have an option to purchase up to an additional 1.875 million units to cover over-allotments, if any. Read more.
