OmniLit Acquisition today said it has signed a letter of intent for a business combination with an affiliate company. Signing a definitive agreement is contingent upon review by a committee of independent directors.
The target is an advanced manufacturer of optics and photonics components and sub-systems with a strategy to continue to acquire and invest in unique high operating margin optics and photonics companies in a vast opportunity set within a highly fragmented market, the SPAC said in a news release.
Omni last week postponed a stockholders meeting until Dec. 21 to vote on a deadline extension.
The SPAC wants an extra nine months — until Nov. 12, 2023 — to find and close a deal.
OmniLit at the time of its $143.75 million IPO in November 2021 said it was targeting businesses in the advanced manufacturing industry, with a focus on optics and photonics products, services, and end-markets. Read more.
Source: OmniLit Acquisition Signs LOI Less Than a Week After Delaying Extension Vote