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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report: November 6, 2023 (November 2, 2023)
OMNILIT
ACQUISITION CORP.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41034 |
|
87-0816957 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
1111
Lincoln Road, Suite 500
Miami
Beach, FL |
|
33139 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(786)
750-2820
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one share of Common Stock, $0.0001 par value, and three-quarters of one Redeemable Warrant |
|
OLITU |
|
NASDAQ
Stock Market LLC |
|
|
|
|
|
Common
Stock, par value $0.0001 per share, included as part of the Units |
|
OLIT |
|
NASDAQ
Stock Market LLC |
|
|
|
|
|
Redeemable
Warrants included as part of the Units, each exercisable for one share of Common Stock for $11.50 per share |
|
OLITW |
|
NASDAQ
Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
On
November 2, 2023, OmniLit Acquisition Corp. (the
“Company”) accepted redemption reversal requests from one or more stockholders. Following these redemption reversals, holders
of a total of 1,051,450 shares of Class A common stock properly exercised their right to redeem their shares for cash at a redemption
price of approximately $10.68 per share, for an aggregate redemption amount of approximately $11,228,399.75. We estimate that
there will be $3,167,479.47 million remaining in the trust. After payment of closing expenses, the Company expects approximately $1.8
million remaining in the trust to be provided to Syntec Optics, Inc. in connection with the Business Combination.
Forward-Looking
Statements
This
Current Report on Form 8-K contains certain “forward-looking statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and
Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements
other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by
the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned
products and services, business strategy and plans, objectives of management for future operations of Syntec Optics, market size, and
growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking
statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are
subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics or OLIT), which could cause
actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements
are based upon estimates, forecasts and assumptions that, while considered reasonable by OLIT and its management, and Syntec Optics and
its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from
current expectations which include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could
give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal
proceedings that may be instituted against Syntec Optics, OLIT, the combined company or others following the announcement of the business
combination and the transactions contemplated thereby; 3) the inability to complete the business combination due to the failure to satisfy
other conditions to closing the business combination; 4) changes to the proposed structure of the business combination that may be required
or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination;
5) the ability to meet Nasdaq’s listing standards following the consummation of the business combination; 6) the risk that the
business combination disrupts current plans and operations of Syntec Optics as a result of the announcement and consummation of the business
combination; 7) the inability to recognize the anticipated benefits of the business combination; 8) ability of Syntec Optics to successfully
increase market penetration into its target markets; 9) the addressable markets that Syntec Optics intends to target do not grow as expected;
10) the loss of any key executives; 11) the loss of any relationships with key suppliers including suppliers in China; 12) the loss of
any relationships with key customers; 13) the inability to protect Syntec Optics’ patents and other intellectual property; 14)
the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production;
15) costs related to the business combination; 16) changes in applicable laws or regulations; 17) the possibility that Syntec Optics
or the combined company may be adversely affected by other economic, business and/or competitive factors; 18) Syntec Optics’ estimates
of its growth and projected financial results for 2023 and 2024 and meeting or satisfying the underlying assumptions with respect thereto;
19) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of
OLIT’s securities; 20) the risk that the transaction may not be completed by OLIT’s business combination deadline (as may
be extended pursuant to OLIT’s governing documents); 21) the impact of any pandemic, including any mutations or variants thereof
and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 22) inability to complete
any investments or borrowings in connection with the business combination; 23) the potential for events or circumstances that result
in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 24) other
risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in OLIT’s Form S-1, 8k, and 10Q filings and registration statement on Form S-4 filed with the SEC, and declared
effective on October 5, 2023. These filings identify and address other important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded
as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which
speak only as of the date they are made. Neither OLIT nor Syntec Optics gives any assurance that either OLIT or Syntec Optics, or the
combined company, will achieve its expected results. Neither OLIT nor Syntec Optics undertakes any duty to update these forward-looking
statements except as otherwise required by law.
Item 9.01 |
Financial Statements and Exhibits. |
(d)
Exhibits.
Exhibit
No. |
|
Description |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
OmniLit
Acquisition Corp.. |
|
|
|
Date:
November 6, 2023 |
|
|
|
|
|
|
By: |
/s/
Al Kapoor |
|
Name: |
Al
Kapoor |
|
Title: |
Chief
Executive Officer |
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|
Entity File Number |
001-41034
|
Entity Registrant Name |
OMNILIT
ACQUISITION CORP.
|
Entity Central Index Key |
0001866816
|
Entity Tax Identification Number |
87-0816957
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
1111
Lincoln Road
|
Entity Address, Address Line Two |
Suite 500
|
Entity Address, City or Town |
Miami
Beach
|
Entity Address, State or Province |
FL
|
Entity Address, Postal Zip Code |
33139
|
City Area Code |
(786)
|
Local Phone Number |
750-2820
|
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|
Trading Symbol |
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|
Security Exchange Name |
NASDAQ
|
Common Stock Par Value 0. 0001 Per Share Included As Part Of Units [Member] |
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Title of 12(b) Security |
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|
Trading Symbol |
OLIT
|
Security Exchange Name |
NASDAQ
|
Redeemable Warrants Included As Part Of Units Each Exercisable For One Share Of Common Stock For 11. 50 Per Share [Member] |
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Title of 12(b) Security |
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