OmniLit Acquisition announced that its shareholders voted to approve a business combination with Syntec Optics.
Over 99.9% of the votes cast at the meeting for the merger proposal were in favor. OLIT shareholders also voted to approve all other proposals.
Syntec is an optics and photonics company for scientific and technical instruments, and aerospace and defense.
OmniLit’s CEO and Chairman Al Kapoor formed Syntec in 1997.
Announced in May, terms call for Syntec investors to receive 31.6 million shares. The aggregate merger consideration is $325 million minus net debt.
At closing OmniLit is expected to issue 26 million additional shares to Syntec Optics’ existing stockholder. Contingent earnout shares will vest upon OmniLit stock achieving certain price thresholds following the closing.
OmniLit will also issue up to 2 million shares in a performance-based-earnout to members of the management team of the surviving corporation from time to time. Read more.
