OmniLit Acquisition Corp. (NASDAQ: OLIT) saw a notable uptick of 14.10% in its stock value, reaching $9.63 in the extended trading session on Tuesday. This surge followed a prior increase of 6.30% during the regular trading hours, concluding at $8.44. This notable upswing can be attributed to the recent completion of a merger, which was reported the previous day.
On Tuesday, OmniLit (OLIT) officially announced the successful execution of its merger with Syntec Optics, Inc., a renowned leader in the realm of ultra-high precision optics and photonics. The merger deal was consummated on November 7, 2023, and the newly created entity will, from this point forward, conduct its operations under the corporate banner of Syntec Optics Holdings, Incorporated.
Starting from the 8th of November, 2023, with commencement of the trading activity, it is expected that the ordinary shares and warrants of Syntec shall be actively traded on the Nasdaq Stock Exchange, denoted by the respective symbols “OPTX” and “OPTXW.” The leadership of the company will remain under the guidance of Joe Mohr, who serves as the Chief Executive Officer, in collaboration with the existing Syntec management team.
The transaction secured the approval of OmniLit shareholders during a special meeting convened on October 31, 2023. An overwhelming 99.9% of the votes on the proposition for the corporate merger were cast in favor at the Annual Meeting. OLIT’s shareholders also gave their assent to all other proposals that were presented at the Annual Meeting.
Becoming a publicly traded company represents a significant and exhilarating milestone for Syntec. With the proceeds generated from the transaction, Syntec is poised to further enhance the development and widespread deployment of its innovative optics and photonics products, in addition to fostering the expansion of its existing core business.
Through the merger with Syntec, OLIT has realized its goal of aligning with a well-established optics and photonics enterprise renowned for delivering mission-critical solutions. By introducing Syntec as a publicly listed entity, OLIT is well-positioned to spearhead advancements in Low Earth Orbit satellite technology, lightweight military optics, and intelligent patient care solutions.
