OmniLit Acquisition today announced that with its registration statement now effective, shareholders will meet Oct. 31 to vote on the proposed merger with Syntec Optics.
The target is an optics and photonics company for scientific and technical instruments, and aerospace and defense. 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.
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 will also 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, to the extent determined by the board in its sole discretion, to be issued as restricted stock units or incentive equity grants.
OmniLit’s trust stands at just under $14 million following share redemptions of nearly 91% on an earlier extension vote. The SPAC raised $143.75 million in a November 2021 IPO. Read more.
