SPAC OmniLit signs LOI to merge with unnamed photonic component (OLIT) manufacturer

SPAC - Special Purpose Acquisition Corporation -- the text on the dollar bill is torn


Corporation acquired SPAC OmniLit (NASDAQ:OLIT) said it signed a letter of intent to merge with an unnamed photonic component manufacturer.

OmniLit describes the target company in a profile as “an advanced manufacturer of optical and photonic components and subsystems.” It said the signing of a definitive agreement would be subject to review by a special committee of independent directors. No other details were given about the potential deal.

OmniLIt held its initial public offering in November 2021, raising $125 million.

For more SPAC news, see SA’s SPAC news site.

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