At the meeting, over 99.9% of the votes cast for the business combination proposal were cast in favor of the deal. OLIT shareholders also voted to approve all other proposals presented on the ballot.
The SPAC did not divulge redemption results, but it went into today’s meeting with 90.62% of its trust already redeemed from a previous extension vote.
OmniLit has about $13.8 million in its current trust and noted at deal announcement that it expects to issue 31,600,000 shares to Syntec shareholders as consideration for the combination. It did not supplement this with a PIPE and does not have a minimum cash closing condition.
The parties have not yet provided a timeline for when the deal will close. But, once completed, the combined company is expected to trade on the Nasdaq under the new ticker symbol “OPTX”.
OmniLit inked the $316 million deal with Syntec in May. Rochester, New York-based Syntec provides lenses and other optical equipment to the defense, medical and consumer sectors.