Business
Syntec Optics, a Leading Optics and Photonics Company, to Publicly List on Nasdaq through Business Combination with OmniLit Acquisition Corp.
ROCHESTER, N.Y., May 12, 2023 /PRNewswire/ -- Syntec Optics, Inc. ("Syntec Optics") has entered into a definitive business combination agreement with OmniLit
About this update from Syntec Optics Holdings, Inc.
[{"type":"text","content":"ROCHESTER, N.Y., May 12, 2023 /PRNewswire/ -- Syntec Optics, Inc. (\"Syntec Optics\") has entered into a definitive business combination agreement with OmniLit Acquisition Corp. (Nasdaq: OLIT), (or \"OmniLit\"); upon or following closing, OmniLit will be renamed Syntec Optics Holdings, Inc. and listed on Nasdaq under the new ticker OPTX. \nThe board of directors and the special committee of independent directors of OmniLit unanimously approved the transactions contemplated by that certain Agreement and Plan of Merger, dated May 9, 2023, (as it may be amended, supplemented or otherwise modified from time to time). \nSince OmniLit's IPO on November 12, 2021, optics and photonics focused OmniLit issued one Indication of Interest, issued and pursued seven Letters of Intent, signed two Letters of Intent for a potential merger, and signed and entered into one Business Combination Agreement with Syntec Optics. A business combination with Syntec Optics is not conditioned on any cash at close, due to Syntec Optics being cash flow positive for over two decades, prior investments to support organic growth, and no cash distribution requirements to Syntec Optics stockholders at closing.\nSyntec Optics was formed more than two decades ago from the aggregation of three advanced manufacturing companies that were started in the 1980s. Syntec Optics' mission is to provide a U.S.-based scalable unifying platform of optics and photonics manufacturing that keeps American soldiers from harm's way, offers doctors technology tools for patient care, and delivers photonics-enabled consumer precision. The end-markets it serves, defense, biomedical, and consumer, are well-established and believed to be acyclical. Syntec Optics has created a competitive advantage through advanced manufacturing vertical and horizontal integration, and it participates mostly in mission critical applications that have long product cycles. Syntec Optics plans to enter new end-markets and add to its current U.S.-based process of making thin-film coated glass, crystal, or polymer components and their housings, which are ultimately assembled into high performance hybrid electro-optics sub-systems. Reduction of weight is very important for the well-being of soldiers. Syntec Optics' added biocompatibility is critical for biomedical applications, and its overall precision plays a rol...