IPOS - Syntec Optics Inc. a Leading Advanced Manufacturing Company Completes Business Combination with OmniLit (Nasdaq:OLIT) and Will Commence Trading on Nasdaq Under Ticker Symbol OPTX | Benzinga
ROCHESTER, NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Syntec Optics, Inc., an industry leader in ultra-high precision optics and photonics, announced today that it completed its business combination with OmniLit Acquisition Corp. ("OLIT") on November 7, 2023. The combined company will operate under the name Syntec Optics Holdings, Inc. ("Syntec" and the "Company").
Commencing, November 8, 2022, at the open of trading, Syntec's common stock and warrants are expected to trade on the Nasdaq Stock Exchange ("Nasdaq") under the symbols "OPTX" and "OPTXW," respectively. The company will continue to be led by Joe Mohr, Chief Executive Officer, alongside the rest of the current Syntec management team.
The transaction was approved by OLIT's shareholders at a special meeting held on October 31, 2023 (the "Annual Meeting"). Over 99.9% of the votes cast on the business combination proposal at the Annual Meeting were cast in favor of approving the business combination. OLIT's shareholders also voted to approve all other proposals presented at the Annual Meeting.
"We are excited to begin the next chapter of Syntec's story," said Joe Mohr, Chief Executive Officer of Syntec Optics. "Becoming a public company is an important and exciting step forward for us. The proceeds we received from this transaction and our relationships in diverse end-markets, will further facilitate the development and large-scale deployment of our new optics and photonics products, while also helping us grow our existing core business."
Skylar Jacobs, Chief Operating Officer of OLIT, added, "through the merger of Syntec, OLIT achieved its intent to merge with a well-established optics and photonics company that delivers mission critical solutions. We are excited as Syntec becomes a public company and is poised to revolutionize Low Earth Orbit satellites, light-weight military optics, and intelligent patient care."
About Syntec Optics
Syntec Optics, headquartered in Rochester, NY, is one of the largest custom optics and photonics manufacturers in the United States. Operating for more than two decades, Syntec Optics runs a state-of-the-art manufacturing facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for optics and photonics integrators. 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, ...